London court directs Anil Ambani to deposit $100 mln in case by China lenders

NEW DELHI: A London Court has directed Reliance Group chairman Anil Ambani to pay $100 million to court in six weeks. The payment will be part of a conditional order in favour of Chinese lenders, who are trying to recover $708 million from Ambani and are aiming for a full trial.

According to a press release sent by the Chinese banks, their “claim for the total amount of outstanding loans will now proceed to full trial at a date to be determined when Mr Ambani will be called to give evidence in person”.

The latest direction is the outcome of legal route taken by three Chinese banks – Industrial & Commercial Bank of China Ltd (ICBC), China Development Bank and Export-Import Bank of China – who reportedly sued Ambani in London for allegedly failing to repay $708 million of loans which includes interests.