Anil Ambani

The Bombay High Court on Wednesday continued till further orders an interim stay on show-cause notice and penalty demand issued to industrialist Anil Ambani by the Income Tax department under the Black Money Act. A division bench of Justices Gautam Patel and Neela Gokhale posted Ambani's petition challenging the notice and penalty demand for hearing on April 28, and gave time to the IT department to file its reply. The HC had in September 2022 granted an interim stay to the show-cause notice pending hearing. In March this year, Ambani's lawyer Rafique Dada informed the court that the department later also issued a penalty demand notice to his client. The court then granted interim stay to the demand notice too. On Wednesday, when the petition came up for hearing, advocate Akhileshwar Sharma, appearing for the IT department, sought two weeks to file a "comprehensive affidavit" in response to the amended petition. "The petition has been amended adding some more IT officials as ...

Prices iconic beverage of the 70s lower than competition

Tony Jesudasan, a key lieutenant of Anil Ambani's Reliance group and one of the finest corporate communications and corporate affairs professionals, died early on Monday morning. He was 71. Earlier this month, Jesudasan had suffered a heart attack just as he took a flight from Bhopal, sources said. He was rushed to Fortis Hospital on arrival in Delhi, where he underwent angioplasty. He was then shifted to Medanta Hospital in Gurugram. He continued to be in critical care till his passing away at around 5 am on Monday, they said. He is survived by wife Parul Sharma and daughter Preetika. Jesudasan, or TJ as he was referred to by friends, turned 71 while he was at Fortis. He was group president for corporate communications and corporate affairs of R-ADAG. An MBA from FMS, Delhi, he was invited by Dhirubhai Ambani to join the then undivided Reliance in 1990. After the death of Dhirubhai, he chose to join the younger sibling when brothers Mukesh and Anil split. He remained Anil Ambani

Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm

The last time a bear attack was launched on a businessman gaining prominence rapidly was in the early 1980s when a cabal of brokers took on "an over-priced Reliance share", recalls T N Ninan

The Bombay High Court on Monday questioned the Income Tax department's move seeking to prosecute Reliance ADAG chairman Anil Ambani under the Black Money Act for alleged tax evasion, and asked how Acts criminalising certain action can have a retrospective effect. A division bench of Justices Gautam Patel and S G Dige, while hearing a petition by Ambani challenging a show cause notice issued to him by the I-T department, asked how a person conducting himself or herself in a certain manner will know what the government is going to do in future. The high court posted the matter for hearing on February 20 and extended its September 2022 order directing the I-T department to not take any coercive action against Ambani till then. The I-T department had issued a notice to Ambani on August 8, 2022, for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. As per the department's notice, Ambani was liable to be prosecuted

Mukesh Ambani, who took over the reins of Reliance Industries Ltd (RIL) after the sudden demise of his legendary industrialist father Dhirubhai Ambani, completes 20 years at the helm during which the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate. Following Dhirubhai's death in 2002, Mukesh and his younger brother Anil assumed joint leadership of Reliance. While the elder brother took over as the chairman and managing director, Anil was named vice chairman and joint managing director. The brothers, however, feuded over control, leading to a split with Mukesh assuming control of the gas, oil, and petrochemicals units as RIL, while Anil got telecommunications, power generation, and financial services units through a demerger. In 20 years that Stanford University-drop out Mukesh, 65, has been at the helm of RIL, the company has re-entered the telecom business, diversified in retail and new energy, and raised a record Rs 2.5 lakh ..

Reliance Projects and Property Management Services, a subsidiary of telecom major Jio, has deposited Rs 3,720 crore in an SBI escrow account to acquire mobile tower and fibre assets of Reliance Infratel. The National Company Law Tribunal (NCLT) gave approval to Jio for the acquisition of Reliance Infratel (RITL) in November. "Reliance Infratel transaction is complete. Jio has deposited Rs 3,720 crore in a SBI escrow account as directed by NCLT," a source told PTI. Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire the tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications. The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is ..

The Bombay High Court on Monday directed the Income Tax department not to take any coercive action against Reliance Group Chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities. As per the department's notice, Ambani was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015, that stipulates a maximum punishment of 10 years imprisonment with a fine. Ambani earlier this month approached the HC challenging the notice, claiming that the Black Money Act wa

Reacts to RInfra statement of last week, which said it has filed a claim of Rs 13,400 crore; Adani says it has filed counterclaims

Family friend and NCP leader Supriya Sule joins hundreds of SP group employees and others at the funeral Tuesday morning. Reliance Jio chief Akash Ambani among mourners

The income tax department has sought to prosecute Reliance Group Chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani, 63, with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities. A show cause notice in this context was issued to Ambani early this month. The department said he was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015 that stipulates a maximum punishment of 10 years imprisonment with a fine. It has sought his response to the charges by August 31. Ambani's office had not responded to a query sent on the matter till the time of this story being filed. The businessman has been charged with evading tax, by way of holding undisclosed assets ab

Two years after the deal was approved by the NCLT, banks led by the State Bank of India (SBI) have agreed to issue a no objection certificate (NOC) to Mukesh Ambani-owned Reliance Industries

Lenders worried over their Rs 14,000-cr exposure in shipyard

Resolution professional in Anil Ambani insolvency case says that it had been more than a year since a suit for recovery was filed against the businessman

While the RBI is now planning to allow ARCs to bid for bankrupt companies, RCom's resolution is now stuck in courts

An industry source says the Administrator appointed by RBI was not supporting all cash bids but CoC insisted on all cash offers from bidders

In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani has stepped down from its board "in compliance of SEBI interim order"

Reliance Natural Resources had defaulted on a loan of Rs 526.1 cr from DHFL before it was taken over by Piramal Capital last September for Rs 34,250 cr

Modus operandi involved Reliance Home Finance distributing loans to promoters-linked entities