A court in the UK and three Chinese banks will have to concede Anil Ambani, brother of richest Indian Mukesh Ambani, not rich. That in contrast to what they had previously imagined of him.
The case came to light recently after Anil Ambani disclosed an account of his liabilities and assets as required in a court in the UK.
Three Chinese banks approached the court in UK seeking relief on loans sought by Reliance Communications. They complained that they were yet to receive dues for those loans. The banks argued that Ambani provided a personal guarantee for one of those loans sought in 2012.
However, Ambani expressed that it was not a personal loan but a corporate loan sought by Reliance Communications.
That's not all, Ambani even promptly clarified several responses made by Chinese banks who have been chasing their money.
These banks were under the impression that Ambani had lots of money. That, because they felt he lived a lavish lifestyle - fleet of cars and owned lots of jewellery.
Anil clarified that he was a teetotaller, a vegetarian and did not drink or gamble. He added that he lived with his mother and family as a tenant at Mumbai (Seawind building, arrangement done by late Dhirubhai Ambani). He added that he was a passionate athlete and participated at marathons.
The Chinese were also informed that Anil Ambani does not own a fleet of cars, yachts, fancy helicopters as they had thought. He only uses one ""solitary car"" as provided by his company.
For readers, the grim situation is Anil Ambani being ""compelled to sell family-jewellery"" for Rs 9.9 crores to meet legal expenses.
There's no point blaming the Chinese for their unwillingness to believe that an Ambani cannot honor his loans. After all, who would have imagined a company estimated to have a market-capitalisation of Rs 1.15 lakh crores as of 2009 to succumb to bankruptcy ten years later.
The Supreme Court in India hearing a similar case in February last year asked Ambani and his associates to pay dues (estimated at Rs 453 crores) to Swedish telecom equipment manufacturer Ericsson or face a three month jail term.