Anil Ambani on Monday told the Supreme Court of India that he should not be treated on par with fugitive economic offenders, and sought a formal exercise to determine his actual dues to lenders.
The submission came through a supplementary counter-affidavit filed shortly before the court heard a PIL by activist E. A. S. Sarma. The court adjourned the matter for four weeks.
Ambani has asked for the constitution of a lenders’ committee led by State Bank of India and Bank of Baroda to reconcile the total dues after adjusting for recoveries, asset monetisation and capital infusions, and then frame a time-bound repayment plan.
“I have not been declared a fugitive. To the contrary, I have given an undertaking to this Hon'ble Court that I will not leave the country without its permission,” the affidavit said.
The affidavit, filed through advocate Yugandhara Pawar Jha, refers to the Supreme Court’s approval of a settlement in the Sterling Biotech case involving the Sandesara group.
It argues that if a resolution could be reached in that matter, a similar approach should apply here, where Ambani has remained in India and participated in legal proceedings.
He also stated that he supported the insolvency resolution process for Reliance Capital.
According to the affidavit, group companies have repaid more than Rs 3,44,000 crore to lenders, including over Rs 2,45,000 crore in principal and more than Rs 93,000 crore in interest.
It adds that payments to the government in taxes, spectrum charges and statutory dues exceed Rs 1,01,000 crore, while personal and family investments of Rs 9,276 crore in stressed businesses have been wiped out.
The filing further claims around Rs 1,00,000 crore is owed to group entities by central and state government bodies in the form of regulatory assets, arbitral awards and pending claims, which should be considered during reconciliation.
It also states that assets worth Rs 23,476 crore have already been monetised, with proceeds used to repay lenders.
The affidavit links the group’s financial stress to the telecom sector developments following court rulings between 2012 and 2020 and the liquidity crisis after the IL&FS collapse in 2018.
It says Reliance Capital held a AAA rating until October 2018 and defaulted a year later.
It also notes that the group has been under investigation by the CBI and the Enforcement Directorate for about ten months, during which assets worth over Rs 15,000 crore have been provisionally attached.
This, the affidavit says, resulted in a loss of more than Rs 25,000 crore in market value and affected retail shareholders.
Ambani had written on March 17 to finance minister Nirmala Sitharaman, as well as the heads of SBI and Bank of Baroda, seeking the formation of the lenders’ committee and requesting meetings.
