Promoters of defaulting companies have had it easy so far, evading personal responsibility. That changes now, and should send chills down the spines of high-flying businessmen.
Trouble has an uncanny ability of finding its way to Anil Ambani. Two years after Mukesh Ambani, India’s richest businessman, saved his younger brother from going to prison for failing to repay Rs 580 crore that he owed Swedish telecoms equipment manufacturer Ericsson, it seems the junior Ambani may require his sibling’s help once again. Considering that decks have been cleared for the State Bank of India to initiate personal insolvency and bankruptcy proceedings against the younger brother, help can’t come soon enough.
Anil Ambani, who told a London court in September last year that he had to sell jewellery …
Jayshree is a former writer at The Morning Context. As journalist, she had nearly a decade of experience across Mint, Business Standard and Bloomberg TV India. The bulk of her career has been devoted to tracking the capital markets regulator, exchanges, regulatory policies, financial scams and corporate governance issues. One of her biggest breaking stories was her incisive coverage of the colocation scam which put the lapses at NSE in the public domain.
jayshree@mailtmc.com