Yes Bank case: Anil Ambani appears before ED

Anil Ambani

Anil Ambani   | Photo Credit: Vivek Bendre

Summonses issued to several leading businessmen found to have taken loans from the bank during the tenure of founder and former Chairman Rana Kapoor

Reliance Group Chairman Anil Ambani on March 19 appeared before the Mumbai office of the Enforcement Directorate (ED) in connection with the agency’s investigations against the Yes Bank. Mr. Ambani reached the ED office at Ballard Estate around 9 a.m. on Thursday.

According to ED officers, summonses were issued to several leading businessmen who were found to have taken loans from the bank during the tenure of founder and former Chairman Rana Kapoor, now under arrest.

Watch | Yes Bank crisis explained

Sources said that Mr. Ambani’s company is among the biggest borrowers as well as Non-Performing Assets of the bank, with its dues running into over ₹12,500 crore.

On Wednesday,  Kapil Wadhawan of the Dewan Housing Finance Corporation (DHFL), in view of the coronavirus outbreak, expressed his inability to join the probe. Mr. Dheeraj Wadhawan also cited the "health environment" in the country. 

Indiabulls' Sameer Gehlaut, in response to the ED summons, said he had left for the United Kingdom before the summons was received and would not be able to join the probe till the travel restrictions were in place.

Subhash Chandra of the Essel Group wrote to the ED, saying he would not be able to appear as the Rajya Sabha, of which he is a member, session was under way. He had earlier tweeted confirming receipt of the summons.

(With inputs from Devesh K. Pandey)

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Printable version | Jun 3, 2020 4:31:56 PM |

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