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Monday, October 19, 2020

Personal bankruptcy: SC rejects SBI appeal against Anil Ambani

SBI’s case is that it had granted credit facilities to Reliance Communications (RCom) and Reliance Infratel (RTIL) in 2015 and the same were personally guaranteed by Ambani pursuant to a deed of personal guarantee of September 23, 2016, furnished by him.

By: ENS Economic Bureau | New Delhi | September 18, 2020 3:38:37 am
Anil Ambani ordered to pay $700 million in dispute with Chinese banksAnil Ambani. (File)

The Supreme Court on Thursday dismissed the appeal of State Bank of India (SBI) seeking vacation of the stay granted by the Delhi High Court on personal bankruptcy proceedings initiated by the bank against Reliance Group chairman Anil Ambani.

SBI’s case is that it had granted credit facilities to Reliance Communications (RCom) and Reliance Infratel (RTIL) in 2015 and the same were personally guaranteed by Ambani pursuant to a deed of personal guarantee of September 23, 2016, furnished by him. —FE

Happiest Minds lists at 111% premium

Mumbai: Shares of Happiest Minds Technologies Thursday made a strong debut on exchanges with the share more than doubling on the listing day. The company’s shares, which opened at Rs 351, surged to a high of Rs 395 on the BSE, compared to the issue price of Rs 166 and closed at Rs 371 during the day.

The company’s market capitalisation on the listing day was Rs 5,448 crore. The stake of promoters who hold around 53 per cent of the capital is worth around Rs 2,800 crore. The IPO was subscribed 151 times.

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