"Anil Ambani's companies were in debt to the tune of ₹1,720 billion. " "Not only from Indian banks, but he had also taken loans from Chinese banks. " "He started blaming all his business failures on Mukesh Ambani.
" "Their mother asked Mukesh to stop Anil from going to jail. " "This was a big shock for Anil Ambani. " "But it wasn't the only one.
" "Was someone trying to hurt Anil Ambani? " Hello, friends. In 2008 Anil Ambani was the 6th richest person in the world.
His wealth was $42 billion, more than his brother Mukesh Ambani. But fast forward 16 years, today, in 2024, Anil Ambani is no where to be seen. Debtors are chasing after him.
There are several court cases pending against him, and SEBI has now banned him from the Indian market for the next 5 years. How did this happen? The story of this downfall is based on a fight between two brothers which is not widely known.
This fight had an impact on the political and financial system of our country. Politicians from different parties were also involved in this fight. Friends, in today's video, let's find out the story of Mukesh and Anil Ambani.
Friends, before we begin this video, let me tell you that the things that I'll talk about in this video, might be very shocking to you. But I haven't made up any of them. They aren't my opinions.
Each line, each source, are from published news articles or books. The sources are provided in the description in case you want to refer to those. The story begins with their father, Dhirubhai Ambani.
At one point, Dhirubhai Ambani used to be a gas station attendant. But by the 1980s, he was one of the biggest businessmen in India. In February 1986, he suffered a stroke and his right hand became paralysed.
It was only after this that he started handing over his businesses to his sons, Mukesh and Anil. Mukesh Ambani was a bit of an introvert. So, he used to handle operations.
His role was to set up mega projects within time and budget. On the other hand, Anil Ambani was an extrovert. That's why he became the public face of Reliance.
His role included public relations, corporate affairs, lobbying and marketing with the government. In 1991, Dhirubhai made Mukesh Ambani the Vice Chairman of Reliance while Anil Ambani remained the Joint Managing Director of the company. This was a clear indication that Dhirubhai preferred Mukesh.
And it was seen as an indication that Mukesh would take over Reliance after Dhirubhai. With time, Mukesh started taking over more and more of Reliance's activities. He started placing his friends in Reliance.
Like Anand Jain and Manoj Modi. You might be wondering why Dhirubhai preferred Mukesh, and not Anil. For many reasons.
One of them was the family dynamics. Anil Ambani's decision to marry Tina Munim. Tina Munim was a glamorous Bollywood celebrity of her time.
She had been a Miss India. And her first film Des Pardes was a big hit. In the 1980s, she was seen as a modern Indian woman.
Her clothes were considered revealing at that time. She was in a live-in relationship with famous actor Rajesh Khanna at one point. Anil Ambani met her at a party.
Both of them liked each other and Anil decided to marry her. But there was a problem, a social hurdle. The Ambani family was a conservative Gujarati family.
And they weren't willing to accept Tina as their daughter-in-law. Dhirubhai Ambani opposed this marriage. In fact, he tried his best to break them up.
Gas Wars: Crony Capitalism and the Ambanis Look at page 41 of this book. Dhirubhai Ambani used his clout within the government and orchestrated an ED raid on Tina. This 2015 article in the Caravan Magazine confirms that there was an ED raid on Tina.
But despite his father's objections, Anil was adamant about marrying Tina. Anil also found out that the ED team had misbehaved with Tina. After this, Anil threatened Dhirubhai that if he doesn't accept Tina as his daughter-in-law, Anil would leave the family.
This was a complete filmy drama. After this, the family and friends intervened and convinced Dhirubhai to let this marriage be. They got married in February 1991, and Tina Munim became Tina Ambani.
On the other hand, Mukesh's story was the complete opposite. Mukesh married the girl his mother chose for him. His mother, Kokilaben, saw Neeta Dalal in a Bharat Natyam dance recital and this led to the marriage of Mukesh and Neeta.
Neeta Dalal became Neeta Ambani and was considered the real daughter-in-law of the family. While Tina remained an outsider. Dhirubhai and Kokilaben depended on Neeta for important family decisions.
On the other hand, Tina barely played any role in the family. On top of that, in 1994, something interesting happened. Sandeep Tandon, who had been an IRS officer, who had raided Tina's house, joined Reliance as a consultant.
Obviously, he joined Reliance with Mukesh's approval and Anil was very upset about it. It's said that Mukesh believed that only he could take Reliance into the 21st century. The world started noticing this when Reliance entered the telecom sector.
Reliance Infocomm was founded and neither Anil nor any of his supporters were given major roles in this company. Reliance Infocomm was owned by another company Reliance Communication Infrastructure Limited. 50.
55% share of the holding company was held by Mukesh and Nita Ambani and 45% share was held by RIL. RIL was Reliance's main company. The Chairman and Managing Director of RIL was Mukesh Ambani himself.
And the top positions were held by people like Manoj Modi, Anand Jain, and Bharat Goenka who were considered as Mukesh's loyalists. Anil Ambani saw this as a clear sign that Mukesh was sidelining him and that Mukesh did not consider him as an equal partner. Along with this, Anil also felt that his role in the company, managing politicians, bureaucrats, and media was not being appreciated.
Anil Ambani used to deal with global fund managers to ensure Reliance's growth. But he was upset that Mukesh Ambani was giving more importance to his loyalists. Even though Dhirubhai Ambani was alive, by 1999, there was a falling-out between the two brothers.
The Reliance Group was divided into two factions. The Pro Mukesh Group and the Pro Anil Group. Dhirubhai knew that his sons weren't on friendly terms.
But instead of dividing the business, he took a different route. In March 2002, he announced a mega-merger of the Reliance companies. He merged Reliance Petroleum with Reliance India Ltd.
It is believed that he did so because he thought that it would make it impossible to divide the Reliance Group and the brothers would have to work together. But this does not happen. 6th July 2002, Dhirubhai Ambani passed away.
After this, Mukesh Ambani took over Reliance's control, and Anil Ambani became the Second-in-Command. But a few months later, tensions between the two brothers started to grow further. Anil Ambani felt that Mukesh was using RIL to finance his telecom venture and to get personal benefits for himself and his friends.
Apart from this, Neeta Ambani's role in Reliance Infocomm role was on the rise. She was looking after Reliance Infocomm's advertising and branding. Anil Ambani wasn't on board with all of this.
He started expressing his opposition. Three months later, in July 2004, Reliance Board restricted Anil Ambani's financial powers and gave Mukesh Ambani full financial powers. Along with this, they passed another proposal that the Vice Chairman should work under the Chairman's supervision.
Anil began to realise that Mukesh was trying to sideline him entirely. After Dhirubhai's death, Anil wanted his mother, Kokilaben, to become Reliance's Chairperson. But Mukesh refused to agree with this and said that it would send a wrong message to international investors.
If we look at things from Mukesh Ambani's perspective, take a look at these old articles. He believed that Anil wasn't serious about doing business. And the reason was Anil's closeness with Samajwadi Party's Mulayam Singh Yadav and Amar Singh.
Mukesh was very uncomfortable with this. Dhirubhai Ambani had close ties with politicians too, like Indira Gandhi, but he was on good terms with all politicians. He did not favour any particular politician, But Anil Ambani was getting too close to Samajwadi Party.
In June 2004, Anil Ambani filed a Rajya Sabha nomination as an independent candidate from UP. And he won with Amar Singh and Mulayam Singh Yadav's help. This was because Congress was newly elected to form the central government.
And the Samajwadi Party was one of Congress's main rivals back then. Unlike today, when they are allies, back then the two parties opposed each other. Mukesh Ambani felt that it wasn't good for the Reliance's business interests for Anil Ambani to be getting so close to an opposition party.
Since Congress wouldn't like it. Apart from this, when Anil Ambani had filled his nomination for Rajya Sabha, he had to declare his and his wife's wealth. This was another reason for Mukesh's displeasure; everyone finding out how much money he had.
There was a third reason too. Mukesh was unhappy with Anil's power generation project. Anil Ambani had announced his plans to start a gas-based electricity power plant in Dadri, Uttar Pradesh.
He said that the gas for the plant would be from the gas discoveries in the Krishna-Godavari Basin. Mukesh believed that Anil had forced this project on Reliance only because Anil wanted to please Amar Singh and Mulayam Singh Yadav. Late 2004, by this point, the relationship between the two brothers had reached a breaking point.
In a front-page report, the Times of India reported on a "Brothers' Feud" between the brothers of a 'major business group. ' Back then, most publications had the courage to publish daring news. Not like today when everyone's trying to please a certain group of people.
After this, on 18th November 2004, two interesting things happened. Mukesh Ambani attended a CNBC TV18 Business Seminar and the CEO of Microsoft Steve Ballmer was also there. Steve was Mukesh's classmate and friend.
They studied together in Stanford Business School. In the seminar, he said something very shocking. He said in his batch at Stanford Business School, there were only 2 people who dropped out in the first year.
Steve and Mukesh Ambani. The audience was shocked to hear this. Because for years, the world thought that Mukesh Ambani had completed his MBA from Stanford.
That was the stance in Reliance's official documents too. So, Mukesh was quite upset at this speech and left the seminar early. But before leaving, he made another announcement.
He said that there were ownership issues within the Reliance Group but it was in a private domain. No one was sure why he said so publicly. Before that, the differences between the two brothers was not public knowledge.
A few days later, Mukesh changed his statement and said that there were no ownership issues in the Reliance Group and that while Dhirubhai was alive, he had solved all the issues. But by then, it was too late. The media was already talking about it.
This fight between the two brothers gradually turned into an open war and it played out in front of the media. Anil Ambani had the upper hand in this. One after another news about Mukesh was being published.
His dealings with the politicians. About how he was using Reliance for his benefit. His issues with corporate governance.
Everything was published publicly. News reports also mentioned that Mukesh was mistreating his younger brother, Anil. Over the next 7 months, Mukesh Ambani's public image deteriorated.
By December 2004, the situation was so terrible that our country's Finance Minister P. Chidambaram had to intervene. He said that the entire country was suffering because of the feud between the two brothers.
The FM asked them to stop fighting. There was government pressure too. Prime Minister DrManmohan Singh had to put pressure on them as well.
Although the PMO denied it later. Apart from this, their mother Kokilaben wanted to have this sorted out. And the Chairman of ICICI Bank and their family friend K.
V. Kamath intervened as well. Under the pressure from all of them, Mukesh Ambani agreed to a truce.
In June 2005, apparently, both brothers resolved their differences and an agreement was signed by the brothers. As per this agreement, Mukesh got flagship companies like RIL and Indian Petrochemicals Corporation Ltd. This company was sold to Reliance by the Atal Bihari Vajpayee government in 2002.
On the other hand, Anil Ambani got Reliance Infocomm, Reliance Energy, and Reliance Capital. Both brothers signed a 10-year-long non-compete agreement. If one of them was working in any sector, the other brother will not try to compete with it for at least 10 years.
Under this agreement, broadly speaking, Mukesh Ambani got 60%-70% assets of the Reliance Group. And Anil Ambani got 30%-40% assets. After this, by 2007, Anil Ambani's net worth had tripled.
$45 billion. While Mukesh Ambani's net worth was $49 billion. Their net worths were quite similar.
Everyone assumed that the fight between both brothers had permanently ended. But it wasn't so. Mukesh Ambani was upset about Anil getting Reliance Infocomm.
It was his dream project. He kept waiting for the right opportunity. He got this opportunity in January 2008 when Anil Ambani brought Reliance Power's IPO.
The Dadri power project he had announced, was the reason for the establishment of Reliance Power. Anil Ambani had raised ₹120 billion in this IPO. The day this IPO was launched, it was India's biggest company.
And the very next day, the company's shares were being dumped in the market. In just one day, the share price fell by almost 20%. Anil claimed that Mukesh's companies were doing this.
Anil complained to SEBI that within 4 minutes of the share allotment, 7 Mauritius-based companies started selling the shares. And these companies were connected to Mukesh. Because if RPower's share value increased, Anil Ambani would have become richer than Mukesh Ambani.
But this did not happen because of the crash. This was a big shock for Anil Ambani. But it wasn't the only one.
After this, he got another shock during the MTN deal. His Reliance Communications, was about to merge with South African telecom company, MTN. With this deal, Anil would have been richer than Mukesh Ambani.
But Mukesh opposed it. Mukesh Ambani cited the agreement between the two brothers to stop this deal. If either of the brothers wanted to sell their stakes in their companies, then the other brother will have the right to first refusal.
That means if any of them wanted to sell their shares in their company, they would have to offer the shares to their brother first. And only if they don't choose to buy it, can the shares be offered to someone else. Anil Ambani tried to bypass this agreement and decided to directly purchase shares in the South African company, MTN.
He tried to buy 51% shares in it. But till then, MTN was wary about the infighting between these two brothers, and backed out of the deal to protect themselves. But these were the straightforward fights.
But apart from this, Anil Ambani said that Mukesh was trying to harm him by putting political pressure on him. Anil's company had participated in the privatisation bid of Delhi and Mumbai airports and was the highest bidder. And finally, the government decided that there was a significant conflict of interest in the company, so the contract was awarded to the second-highest bidder.
It is said that Mukesh Ambani was behind this. Similar things happened with coal-based methane extraction contracts and Anil was nearly sure that Mukesh was the reason behind all his business failures. But do you know what is more surprising?
The biggest fight between these two brothers was yet to come. The Gas Wars. As per the settlement between Mukesh and Anil in 2005, the gas exploration and extraction business went to Mukesh.
And the power generation business went to Anil. I referred to the book "Gas Wars" throughout this video. This book was subject to a lot of legal trouble.
But there was no case against it. Since it is still in publication, it proves that no one could prove that its contents are incorrect. If you want to buy this book, the link is in the description below.
It'll help you understand this situation in more detail. So if Anil Ambani wanted to start his gas power plant, he would obviously need gas for that. But Mukesh had rights over the gas exploration and extraction business.
The power generation business was new and Anil wanted to install a power plant in Dadri, UP. Gas was needed for this. When the agreement was made, Mukesh promised to supply gas to Anil at $2.
34 per million British thermal units of gas. And every day, for 17 years, 28 million standard cubic metres a day gas was to be supplied. But after a few days both brothers started fighting over whether Mukesh's company would provide the gas to Anil's company at the set price.
Mukesh's company applied to the Ministry of Petroleum and Natural Gas for their approval of the $2. 34/unit price. The Ministry refused stating that the government decides the price of natural resources.
At that time, Murli Deora was the Petroleum Minister and one of Dhirubhai Ambani's close associates. Anil claimed that this decision was aimed at benefiting Mukesh. The government wanted to decide the price and Anil claimed that the decided price would be higher so that finally Anil would neet to pay more for gas to Mukesh.
This was the beginning of a legal battle between the two brothers and the government jumped in too. In September 2007, an empowered group of ministers, headed by Pranab Mukherjee, approved the gas price at $4. 21.
It was almost double the price of what Anil was supposed to pay. So Anil Ambani went to court. In 2009, the Bombay High Court gave the verdict, in Anil Ambani's favour.
The Bombay High Court stated that Mukesh Ambani should honour the family agreement and sell the gas at the price of $2. 34. After this, on 4th July, Mukesh Ambani's company filed a petition in the Supreme Court against Bombay HC's judgement.
The Supreme Court was supposed to hear this petition on 20th July, but the government filed a petition on 18th July and stated that natural gas is a national property and neither of them had the right to decide its prices. And so this contract should be made invalid. Anil Ambani accused the UPA government of acting in Mukesh Ambani's favour.
Especially the Petroleum Ministry. Led by a politician who had close ties to Dhirubhai Ambani. Anil claimed that the government was pushing companies like ONGC into losses merely to benefit Mukesh.
Anil's companies started publishing front-page ads in newspapers. Saying that the government and the Petroleum Ministry were working to benefit Mukesh even at the cost of hurting the government treasury. Paranjoy Guha Thakurta wrote a book 'Gas Wars: Crony Capitalism and the Ambani's' that mentions a shocking incident while this was playing out.
On 23rd April 2009, Anil Ambani's helicopter was undergoing maintenance work. A technician, Bharat Borge found that the filter neck of the helicopter was not fitting properly. He opened it to fix it and found small, peanut-sized stones inside.
Along with that, there was soil and pebbles inside the fuel tank too. Someone had deliberately put stones and tiny pebbles in the helicopter. According to experts, had this helicopter flown, it would have crashed for sure.
This was truly shocking. Was someone after Anil Ambani's life? Several theories began circulating regarding this.
Anil Ambani's supporters said that this was done by corporate rivals. A few days later, Bharat Borge's de@d body was found at the railway track, with a su! cide note.
The note mentioned that after he discovered the pebbles, some officials from Mukesh's company met him and started questioning him. They told him that they would return, and he was scared of that. Although the police were not satisfied with his su!
cide note and for the helicopter sabotage and for Borge's mu₹der, they arrested his coworkers. But here too, Anil and Mukesh's supporters began accusing the other. Anyway, coming back to this Gas War, after the hearing, the court said that gas is a government property and only the government can decide its price, not the Ambanis.
When this judgement was pronounced, Anil Ambani was present in the Supreme Court and this was the third major shock for him. This judgement meant that Mukesh Ambani would become rich by several billions of rupees, and Anil Ambani would suffer losses to the tune of billions of rupees. After this judgement, not only did Anil Ambani's Reliance Power, but also the shares of his other companies crashed in the market.
After a few days, the two brothers met again. On 23rd May 2010, Mukesh and Anil's companies issued a press statement and said that their family agreement was a non-compete agreement, but the brothers decided to scrape it. Scraping it would mean that both brothers could venture into any business even if it meant competing with the other person's businesses.
Mukesh won the court case and Anil did not need him gas for anymore. Even at the high cost, because of the end of the non-compete, he was getting gas in his power plant. But later, it seemed that Mukesh got rid of the non-compete but still Anil did not benefit much.
Anil Ambani was already facing problems for his power project in Dadri. Land was needed for the project and in 2004, UP's Mulayam Singh Yadav government used an emergency provision and handed over this land to Anil Ambani. While doing so, they ignored the farmers who owned this land.
The former Prime Minister V. P. Singh, and Congress's Raj Babbar opposed this and filed a petition in the Allahabad High Court.
In December 2009, Allahabad High Court passed its judgement in the favour of the farmers. The court said that if the government wanted to handover the farmers' land to a company like they did, it should have gotten a No Objection Certificate from every farmer. And if the farmers want their land back, then they needed to return the compensation they received from Anil Ambani's company to reclaim their land.
Anil Ambani went to the Supreme Court against this order. But in 2014, in his statement to the court, he said that he wasn't interested in the project anymore. He said that it had become difficult to ensure gas supply for this project.
So, he agreed to return the land to the farmers. A loss of billions of rupees and another big shock to Anil Ambani. But Anil still had a booming business.
The telecom business. The only problem was that when Anil inherited the telecom business, he had no idea about how competitive this business could be. On top of that, this business needed a lot of investment to be successful.
By 2010, the Indian telecom industry was shifting from 2G to 3G. Internet services had begun and for new telecom equipment and spectrum purchase heavy investments were needed. To the tune of billions of rupees.
Anil started investing in 3G. Because of this, his company Reliance Communications went into debt of ₹300 billion. To reduce his debt burden, Anil tried to strike a ₹500 billion deal with GTL Infratech for tower operations.
He wanted a merger. But this plan failed too. Next year, the alleged 2G spectrum scam took place, and 122 telecom licences across the country were cancelled.
One of these licences belonged to Anil Ambani. CBI interrogated Anil Ambani about his role in promoting Swan Telecom. "Anil Ambani's role in the share of Swan was being probed.
" "The CBI said that Anil Ambani sold Swan shares to Delphi at eroded prices. " But even after this Anil Ambani kept investing in 3G. On the other hand, Mukesh Ambani was preparing to launch his 4G network Jio.
Friends, this is interesting because Mukesh Ambani had made the biggest mistake in Reliance's mobile business. But the brunt of the mistake was borne by Anil Ambani. The thing is, when Mukesh Ambani started this business in 2002, there were two types of SIM cards.
A GSM SIM card and a CDMA SIM card. Mukesh chose CDMA for Reliance. But the other companies of the time, like Airtel and Hutch chose GSM.
The problem with the CDMA SIM card was that it could only run 2G and 3G technology. It didn't work with 4G. So, if Anil Ambani's Reliance Communications wanted to offer 4G, he need to change the SIM cards immediately.
Within a year, he needed to shift all the SIM cards from CDMA to GSM. Doing so was challenging, and would cost billions of rupees. By 2012, Vodafone had surpassed Reliance Communications.
And by 2016, Anil Ambani's Reliance Communications had fallen to the fourth place. The debts were increasing, there was no end of difficulties and amidst all this, Mukesh Ambani announced Reliance Jio. "This morning, I start with the newest and the youngest member of the Reliance family, Jio.
" Reliance Jio offered free 4G services to snatched away all customers. "Jio's data, voice, video, will be available for everyone, absolutely free. " Anil Ambani's telecom business was in a dire situation.
As the last option, Anil Ambani tried to merge his company with Aircel in 2017. But that deal failed too. Because of the failure of this deal, Anil's tower deal with Canadian company Brookfield fell through as well.
After that, Reliance Communications announced the closure of its 2G and 3G business. By 2017, Reliance Communications's debt had risen to ₹430 billion. To reduce some of the debt, they tried to sell their tower and fibre business in a deal worth ₹300 billion to Tillman and TPG.
But that failed too. With no other option left, Anil Ambani went to his brother Mukesh Ambani. He tried selling Reliance Communications' wireless spectrum, tower, fibre, media, convergence, nodes, and everything else, to Reliance Jio.
But Mukesh Ambani refused to be the guarantor for the debt. And because of this, this deal fell through as well. By 2018, Anil Ambani had started going to the court regularly.
Because the debts had grown so much. The creditors were after him. The company Ericsson accused Anil of default and in 2018 Ericsson went to the Supreme Court.
The Supreme Court gave Anil Ambani a deadline of 30th September 2018, to return Ericsson's ₹5. 5 billion. But Anil Ambani could not return this amount and Ericsson filed a contempt petition with the Supreme Court.
The Court said that if Anil Erickson doesn't return this money to Ericsson by March 2019, then he might have to go to jail for to contempt of court. According to Bloomberg's report, to prevent Anil Ambani's imprisonment, his mother asked Mukesh Ambani to help. Anil and Mukesh sat for negotiations and allegedly, Anil had to somewhat beg Mukesh to help him.
Eventually, Mukesh helped him. By paying the pending dues to Ericsson, Mukesh Ambani saved his brother Anil from having to go to jail. On 25th September 2019, the National Company Law Tribunal declared Reliance Communications insolvent and started selling off the company's assets to pay off its debts.
What was the reason behind Anil Ambani's downfall? Reliance Communications was not the only problem for Anil Ambani. His problems began in 2014 when his companies started racking up more and more debts.
By 2018, the total debt owed by his companies totalled ₹1,720 billion. According to India Today, Anil ventured into such businesses that required huge investments. And his decisions were based on his ambition rather than strategy.
Getting funding for projects from public sector banks using political connections, was Anil's strategy most of the time. But things changed after the 2008 global financial crisis, and the public sector banks weren't willing to fund the power and infrastructure sectors. Initially, there was a run with bad luck, but later, his wrong decisions were to be blamed.
Gradually, his projects started to lose their momentum. In 2014, Reliance Entertainment had to sell its multiplex chain Big Cinemas to pay off its debts. In August 2018, Anil sold his Reliance Infrastructure's Mumbai City Power Distribution business to Gautam Adani for ₹188 billion.
Because of this, Reliance Infra was able to pay off ₹230 billion of debt. But to date, Reliance Powers' major projects are stuck. In September 2018, Anil told his shareholders that 24,000 megawatt power generation plants are stuck because they cannot secure the gas supply.
Because of this, according to him, investments of ₹1,200 billion were stuck. Reliance Power had secured the projects for making 3 power plants, but only one of them has been built by now. And regarding that one project, his statement in the court was that they need permission to do further mining, otherwise the company will go into losses.
And this project will also need to be stopped. During the asset allocation between the two brothers, Anil received cash-hungry businesses, that needed innovation and investment constantly. But Mukesh got core businesses.
Like oil and gas. Those businesses did not need as much innovation. And fresh investments were required less frequently.
Anil did not get any business that could give him continuous cash flow so that he could use that money to invest in his other businesses. He remained successful for as long as there was a flow of funding from banks and investors, And as soon as the funding stopped, his debts kept increasing. And do you know what's interesting, friends?
Anil Ambani had taken out loans from not only from Indian banks but also from Chinese banks. Three Chinese banks, controlled by the Chinese government, filed a lawsuit in London's High Court that Anil took a loan of $925 million for Reliance Communications in 2012. He was a personal guarantor for this loan but the loan wasn't being repaid.
Anil Ambani appeared in front of the London court and stated that the value of his investments has eroded. And considering his liabilities back then, he stated that his net worth was actually zero. He further said he had nothing left to sell to pay off the debts.
But the judge refused to believe him. And that he must have undeclared assets. The court refused to believe that the Ambani family left him to his own devices.
Anil's statement responding to this was that he received a one-time-only help from Mukesh Ambani, and that he won't get any more help. In February 2022, SEBI banned Anil Ambani from being associated as a director in any listed entity on charges of diversion of funds. In March 2022, Anil Ambani resigned from the Boards of Reliance Infrastructure and Reliance Power.
On 23rd August 2023, SEBI banned Anil Ambani from the Indian security market for 5 years on charges of diversion of funds. Today, Anil is no longer seen in the public. According to a Bloomberg report, his acquaintances say that he has now become religious and spiritual.
He has given up on material success. He is still trying to look for ways to turn things around and change his fate. But now, considering his situation, it seems nearly impossible.
This report states that Anil Ambani has been advised to declare himself bankrupt to get rid of his debts. But he still feels that if he gives up like this, he will lose any remaining chance of a future comeback. Friends, what did you learn from this video?
Let me know in the comments below. In my opinion, one thing is certain. No matter how much money you have, even if you are the richest person in the world, money cannot replace your family.
Money cannot help control your ego and your pride. I talked about this in this video as well. Think about it, had these two brothers lived and worked together instead of fighting each other, their lives could have been vastly different.
It is rightly said that if a person is poor at heart, then all the wealth in the world doesn't seem enough. Friends, I hope you liked this long and detailed video. If you want to watch more such videos, let me know in the comments below and feel free to suggest other topics.
I made a similar video on the Tata family. Their story is quite different from that of the Ambani family. You can click here to watch that video.
Thank you very much!
