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UK court orders Anil Ambani to pay $717m to Chinese banks

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UK court orders Anil Ambani to pay $717m to Chinese banks

Anil Ambani has been ordered to pay more than $700m to his Chinese creditors in the culmination of a case that has laid bare the dramatic financial decline of one of the world’s richest tycoons.

A High Court judge in London gave Mr Ambani 21 days to make an interim payment of $717m owed to a consortium of Chinese creditors led by the Industrial and Commercial Bank of China, the world’s largest bank by assets.

ICBC, along with China Development Bank and Export-Import Bank of China, lent almost $1bn to Mr Ambani’s now bankrupt telecoms company Reliance Communications in 2012.

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Mr Ambani, once ranked the world’s sixth-richest man by Forbes with a fortune of over $40bn, said earlier this year that his net worth had collapsed to zero after RCom and other arms of his Reliance Group conglomerate suffered.

Mr Ambani is the scion of one of India’s foremost business dynasties, and the younger brother of the country’s richest man Mukesh.

Lawyers for the Chinese banks said in pre-trial hearings that they had uncovered evidence of Mr Ambani’s continued access to vast wealth, including high-end property, a luxury yacht and fleet of cars.

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The order came after a lapsed deadline in March for Mr Ambani to pay $100m into court ahead of a planned trial.

The Chinese banks argued that Mr Ambani had personally guaranteed the debt to RCom, claims that Mr Ambani denied. In his order, Mr Justice Teare said that the guarantee was binding on Mr Ambani.

The total amount owed will depend on the outcome of the insolvency proceedings for RCom in India.

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“ICBC made their claim based on an alleged guarantee that was never signed by Mr Ambani and he has consistently denied having authorised anyone to execute any guarantee on his behalf,” a spokesperson for Mr Ambani said in a statement. “The amount ordered to be paid based on the alleged guarantee, will in any case reduce substantially upon the imminent resolution of RCom’s debt.”

The spokesperson added that “Mr Ambani is seeking legal advice on the future course of action”.

Mr Ambani last year faced jail after India’s Supreme Court found him guilty of contempt of court for delaying a $77m payment to Swedish telecoms group Ericsson. That payment was ultimately made by Mukesh, despite a public falling out with Anil after their father died in 2002.

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The fortunes of the two brothers have followed sharply different trajectories. As RCom struggled, Mukesh’s Reliance Industries conglomerate in 2016 launched its own telecom operator Jio.

In recent weeks Jio, which is branching into a range of digital services, has secured an eye-catching string of US investments. Private equity firms KKR, General Atlantic, Vista Equity Partners and Silver Lake have all joined Facebook in pumping billions of dollars into the company.

 

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(Note: This is a Article Automatically Generated Through Syndication, Here is The Original Source

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Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

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Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Who is Pavel Durov?

Pavel Valeryevich Durov, born on October 10, 1984, is a Russian entrepreneur renowned for founding the social networking site VK and the Telegram Messenger. He is the younger sibling of Nikolai Durov. After stepping down as CEO of VK in 2014, Pavel, along with his brother, led a nomadic lifestyle in self-imposed exile, holding citizenship from Saint Kitts and Nevis. He is recognized for his contributions to the tech industry and his advocacy for user privacy.

Pavel Durov Career?

Durov’s journey in the tech industry began in 2006 when he co-founded VKontakte (VK), inspired by Facebook’s success. Under his leadership, VK flourished, reaching a valuation of $3 billion. However, conflicts with Russian authorities over user data led to his departure from VK in 2014. Subsequently, he focused on Telegram, emphasizing privacy and security, earning him acclaim as a tech visionary.

Pavel Durov’s Net Worth

As of 2024, Pavel Durov’s net worth is estimated to be an impressive $17 billion. His wealth stems from his pioneering work with Telegram and VK, propelling him into the upper echelons of the tech industry. Durov’s success serves as an inspiration for aspiring entrepreneurs worldwide.

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Pavel Durov Age?

Pavel Durov, born on October 10, 1984, is currently 39 years old. Despite his relatively young age, he has achieved remarkable success in the tech world, demonstrating his entrepreneurial prowess and innovative thinking.

Pavel Durov Family: Parents

Pavel Durov’s father, Valery Semenovich Durov, is a distinguished academic with a Doctorate in Philological Sciences. His grandfather, Semyon Petrovich Tulyakov, was a decorated World War II veteran. Durov’s family background reflects a tradition of intellectual and academic excellence.

Pavel Durov Height and Weight

As of 2024, Pavel Durov stands at 5 feet 10 inches (178 cm) tall and weighs approximately 163 pounds (74 kg). His physique, along with his intellect and entrepreneurial acumen, contributes to his charismatic presence and success in the business world.

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Also Read: Nasser Al-Khelaifi Net Worth 2024: How Much is the President of Paris Saint-Germain Worth?

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Wow! Momo secures Rs 70 crore funding from Z3 Partners for expansion

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Food chain Wow! Momo raises Rs 70 crore from Z3Partners

Quick-service restaurant chain Wow! Momo has secured Rs 70 crores from Z3Partners in an extension to their latest funding round following Rs 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Wow! Momo operates three brands – Wow! Momo, Wow! China, and Wow! Chicken.

CEO Sagar Daryani expressed gratitude stating, “We have been consistent and resilient…this round of investors have shown in us fortifies our faith and further motivates us to be change-makers.” Launched in 2008, Wow! Momo has 600 outlets in 38 cities and ventured into the FMCG sector along with their QSR vertical.

Managing Partner at Z3Partners, Rishi Maheshwari, praised Wow! Momo saying, “Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country…building a high-quality food business at scale, fuelled by superior execution expertise.” This funding round totals over Rs 480 crores, with Rs 270 crores via primary infusion and Rs 210 crores through a secondary purchase from early-stage investors.

Wow! Momo’s growth trajectory has been impressive with a strong presence in multiple cities. This latest funding will further solidify its position in the market and support its expansion plans. Sagar Daryani and the team at Wow! Momo are optimistic about the future and grateful for the support shown by investors.

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UP now boasts the largest number of Geographical Indication-tagged items in the country.

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UP now has the most GI-tagged items in the country

Varanasi, April 17 (IANS) – Six more products from Uttar Pradesh have been granted the Geographical Indication (GI) tag, including the famous ‘Tirangi Barfi’ of Kashi, a tricoloured sweet symbolic of the Quit India Movement. The GI Registry awarded the certification on Tuesday, bringing the total number of GI-tagged products in Uttar Pradesh to 75, making it the state with the most GI products in India.

The newly certified products in Uttar Pradesh also include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. According to GI expert Padma Shri Rajnikant, “Two renowned products from Varanasi, the Tirangi Barfi and Metal Casting Craft, were granted GI certification on Tuesday.” Rajnikant, the general secretary of the Human Welfare Association, has been instrumental in securing GI tags for 148 producers across 14 states and Union Territories.

Rajnikant highlighted the crucial role played by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office in supporting these six GI tags. He emphasized that this achievement strengthens Uttar Pradesh’s position as the leading state in GI products. In 2008-09, the state had only one GI product, the ‘Allahabad Surkha Amrood.’ With 75 GI products now, Uttar Pradesh continues to lead in this area.

The GI tags not only recognize the unique identity and qualities of these products but also provide protection against imitation and unauthorized use. These certifications also help in promoting traditional craftsmanship and skills, thereby boosting the local economy and preserving the cultural heritage of the region. Tamil Nadu follows Uttar Pradesh with 58 GI products, reflecting the rich cultural diversity and heritage of various states in India.

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