Anil Ambani has been struggling with his businesses after a shadow lending crisis in India in 2018 dried up funds for local banks and financiers. Reuters
Anil Ambani has been struggling with his businesses after a shadow lending crisis in India in 2018 dried up funds for local banks and financiers. Reuters
Anil Ambani has been struggling with his businesses after a shadow lending crisis in India in 2018 dried up funds for local banks and financiers. Reuters
Anil Ambani has been struggling with his businesses after a shadow lending crisis in India in 2018 dried up funds for local banks and financiers. Reuters

India's Anil Ambani quits his companies’ boards after regulator order


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Anil Ambani, a former billionaire from India, resigned from the boards of Reliance Power and Reliance Infrastructure after an order from the country’s market regulator for alleged diversion of funds.

Mr Ambani resigned as the non-executive director in compliance with the Securities and Exchange Board of India’s (Sebi) interim order, both the companies said in an exchange filing on Friday.

“The board looks forward to an early closure of the matter,” the companies said in two separate statements to the exchanges, adding that they look forward to inviting “Mr Ambani back to provide his vision and leadership to the company in the interest of all stakeholders”.

Sebi in February had issued a retraining order against Mr Ambani and other senior executives of a group entity, Reliance Home Finance, for allegedly diverting funds to other, related companies to repay debt.

Mr Ambani has been struggling with his businesses after a shadow lending crisis in India in 2018 dried up funds for local banks and financiers, forcing government to step in and rescue at least half a dozen lenders.

Among them, was Mr Ambani’s Reliance Capital, that was seized by the Reserve Bank of India last year after a series of repayment defaults.

Banks across India and China are trying to recover money from Mr Ambani.

State Bank of India, the country’s largest lender, filed a personal bankruptcy case against Mr Ambani after battling him in court.

Company profile

Name: The Concept

Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal

Based: Abu Dhabi

Founded: 2017

Number of employees: 7

Sector: Aviation and space industry

Funding: $250,000

Future plans: Looking to raise $1 million investment to boost expansion and develop new products

The specs

Engine: 1.5-litre, 4-cylinder turbo

Transmission: CVT

Power: 170bhp

Torque: 220Nm

Price: Dh98,900

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
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  • Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

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Always use only regulated platforms

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Courtesy: Crystal Intelligence

Profile

Company: Libra Project

Based: Masdar City, ADGM, London and Delaware

Launch year: 2017

Size: A team of 12 with six employed full-time

Sector: Renewable energy

Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Match info

Newcastle United 1
Joselu (11')

Tottenham Hotspur 2
Vertonghen (8'), Alli (18')

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
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What are the regulations?
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Updated: March 26, 2022, 8:31 AM`