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RCOM loan fraud: Anil Ambani files affidavit in SC; reiterates not to leave country

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New Delhi, Feb 19: Industrialist Anil D. Ambani has filed an undertaking/compliance affidavit before the Supreme Court reiterating that he will not leave the country without prior permission of the apex court in connection with the ongoing probe into alleged large-scale bank loan frauds linked to Reliance Communications Ltd (RCOM) and its group entities.

The affidavit has been filed in a pending public interest litigation (PIL) seeking a court-monitored probe into the allegations that more than Rs 1.50 lakh crore of debt of the Ambani-led RCOM group has been written off and that funds were siphoned off through multiple shell companies.

The affidavit formally reiterates the oral undertaking recorded before the apex court on February 4, when senior advocate Mukul Rohatgi, appearing on his behalf, assured that Ambani would not leave India without prior permission of the top court.

“By way of the present affidavit, I formally reiterate and place on record the said statement by virtue of the present affidavit as an undertaking before this Hon’ble Court,” Ambani stated.

He further deposed on oath: “That I have not left India since July 2025, i.e., since the inception of the present investigations, and presently have no plan or intention to travel outside India.”

He added that if any requirement of foreign travel arises, he would seek prior leave and permission of the Supreme Court before undertaking such travel.

Asserting that he is not a flight risk, the affidavit states: “In view of the above conduct, undertakings, and continued cooperation, it is evident that I am not a flight risk and have no intention, whatsoever, to evade the process of law.”

Ambani also stated that he has been fully cooperating with the investigating agencies. “That I, with utmost bona fide, have been fully cooperating with the investigating agencies in connection with the ongoing investigations and continue to extend complete cooperation,” the affidavit reads.

Referring to the ongoing probe under the Prevention of Money Laundering Act, 2002, he stated that examination under Section 50 of the PMLA is presently being conducted during the pendency of proceedings before the apex court.

“That I have been summoned by the Directorate of Enforcement to appear on 26.02.2025 and I undertake to appear and join the investigation on the said date,” the affidavit said, while also undertaking to fully cooperate with the authorities and “preventing any suggestion of evasion or selective presentation of facts.”

Clarifying his role in the group companies under scrutiny, Ambani submitted: “That I respectfully state that my role in the concerned companies had been that of a Non-Executive Director only, and I was not involved in the day-to-day management or operational affairs of the said companies.”

In the affidavit sworn on February 18, he stated: “That the present affidavit is being filed to ensure clarity, completeness, and procedural transparency in the judicial record with an intent that this Hon’ble Court remains seized of the broader issues arising from the same factual matrix.”

Ambani’s undertaking comes against the backdrop of the Supreme Court’s February 4 order, where a Bench headed by Chief Justice of India (CJI) Surya Kant had expressed serious concern over an “unexplained delay” by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) in probing alleged bank loan frauds involving public funds estimated at around Rs 40,000 crore.

The CJI Kant-led Bench had directed the ED to constitute a Special Investigation Team (SIT) of senior officers and asked both Central agencies to take the investigation to its “logical conclusion” in a time-bound manner, while making it clear that no coercive or harsh orders were being passed at that stage.

During the hearing, apprehensions were raised by advocate Prashant Bhushan that the key accused could flee the country before completion of the probe, following which an undertaking not to travel abroad without apex court permission was recorded.

The Supreme Court had also directed the ED and the CBI to file detailed status reports on the progress of their investigations and questioned why only a single FIR had been registered despite complaints from multiple lenders, observing that each complaint constitutes a separate transaction warranting independent examination.

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Navi Mumbai Airport expands multimodal transport network ahead of winter flight schedule

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Ahmedabad, Oct 5: Navi Mumbai International Airport (NMIA) is strengthening its public transport and ground mobility infrastructure ahead of the Winter Schedule 2026-27, with a wider network of buses, taxis, autorickshaws, car rentals, and airport shuttles aimed at improving connectivity across Mumbai, Navi Mumbai, Pune and the wider Mumbai Metropolitan Region, it was announced on Monday.

The airport, operated by Adani Airport Holdings Limited (AAHL), is preparing for the Winter Schedule that will run from October 25, 2026, to March 27, 2027.

As part of the expansion, the Maharashtra State Road Transport Corporation (MSRTC) will launch e-Shivai electric bus services from NMIA on October 7.

The first phase of MSRTC services will connect the airport with Dadar, Borivali and Pune. Fares from NMIA have been set at Rs 450 for Pune, Rs 210 for Borivali, and Rs 170 for Dadar East. Children below 12 years and women travelling with a National Common Mobility Card will be eligible for a 50 per cent fare concession.

The Dadar-NMIA service will operate through Sion and Atal Setu, while the Borivali-NMIA route will connect CSMIA Terminal 1, Bandra, and Atal Setu. The Pune route will have two daily services, with one operating in the morning and another in the afternoon. MSRTC also plans to introduce services connecting NMIA with Thane and Nashik by mid-November.

Private bus operator Chalo Bus is already providing 21 daily services connecting NMIA with Marol in Andheri East, Bandra, Dadar, and the World Trade Centre in Colaba. The operator is also adding capacity during peak periods to cater to passenger and airport employee movement.

Within Navi Mumbai, Navi Mumbai Municipal Transport (NMMT) is operating seven dedicated airport routes, A1 to A7, linking Terminal 1 with Kharkopar, Targhar, Belapur, Nerul, Panvel, Khandeshwar and the Airport Project Office. Services between Belapur and Nerul are available every 15-20 minutes during peak hours, while further connectivity to Vashi and Panvel is planned.

The airport is also expanding taxi and last-mile connectivity. Uber Go and Uber Premier will provide app-based cab services, while Uber Auto will cater to passengers seeking on-demand autorickshaw services for shorter journeys. Prepaid taxi and autorickshaw facilities, along with car rental services, are also being introduced at the airport.

Bharat Taxi is scheduled to begin operations at NMIA from October 10 with a dedicated fleet of up to 40 vehicles, adding another option for passengers travelling to and from the airport.

A complimentary inter-airport shuttle service is also being introduced between NMIA and Chhatrapati Shivaji Maharaj International Airport (CSMIA). Operated by Cityflo, Aarya and Chalo, the shuttle will run every hour and provide passengers with a direct transfer option between Mumbai’s two airports.

Overall ground transport capacity at NMIA is being scaled up to 4,594 vehicles and services, including 3,787 app-based taxis, 184 car rentals, 171 autorickshaws and 547 buses. The airport is also deploying mobility signage, improved wayfinding systems and on-ground passenger assistance, with designated areas for buses, shuttles, arrivals, departures and private vehicles.

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Indian markets open higher amid positive global cues; PSU bank stocks lead

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Mumbai, Oct 5: Indian equity benchmarks opened sharply higher on Monday, tracking gains across Asian markets after softer-than-expected US jobs data tempered expectations of an immediate Federal Reserve rate hike.

Nifty opened at 22,532.40, an increase of more than 100 points or 0.49 per cent.

Similarly, Sensex began the trading session up over 400 points or 0.6 per cent at 72,340.95.

Moreover, the broader market sentiment was positive with most sectoral indices trading in the green in early deals. Nifty PSU Bank, Nifty Media, and Nifty Metal gained up to 1 per cent.

Nifty Realty advanced 0.93 per cent, while Nifty Chemicals, Nifty FMCG and Nifty Oil & Gas gained between 0.8 per cent and 0.85 per cent.

Nifty Private Bank and Nifty Consumer Durables were also trading higher in morning trade. While Nifty IT, Nifty Auto and Nifty Pharma were seen flat.

On the other hand, healthcare stocks were only trading marginally lower as Nifty 500 Healthcare and Nifty Healthcare Index declined 0.07 per cent and 0.12 per cent, respectively.

Market experts said markets could see a near-term rebound after eight consecutive weeks of declines.

However, elevated crude oil prices, high US bond yields and continued foreign institutional investor selling remain key headwinds, they said.

“Valuations have turned attractive, particularly for large-caps,” the experts said and added that the market may be better placed to withstand the prevailing headwinds.

Positive September automobile sales data also point to continued resilience in the domestic economy, according to them.

The Reserve Bank of India is widely expected to raise its policy rate by 25 basis points on Wednesday with the move largely priced into the market, according to the experts.

Banks could benefit from the rate hike as higher floating lending rates may support margins, they added.

In addition, foreign institutional investors (FIIs) remained net sellers in the previous trading session with a net outflow of Rs 9,484 crore, while domestic institutional investors (DIIs) continued to provide support with net purchases of Rs 10,041 crore.

Additionally, crude oil prices eased with international benchmark Brent crude trading nearly 1 per cent lower at $101.27 a barrel.

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Piyush Goyal highlights India’s growing strengths as global hub for talent, innovation

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New Delhi, Oct 3: Commerce and Industry Minister Piyush Goyal on Saturday said he highlighted India’s growing strengths as a global hub for talent, innovation and business services, and the potential for deeper India-US business partnerships.

During his US visit, the minister met several global leaders and CEOs.

“Met Greg Case, CEO of Aon, and discussed the company’s operations in India and the opportunities for further expansion,” Goyal posted on social media platform X.

He also met Paul Grewal, Chief Legal and Global Affairs Officer at Cognition, and exchanged views on leveraging Cognition’s pioneering AI solutions and deepening its presence in India.

“Highlighted how India’s rich engineering ecosystem and dynamic startup culture provide a strong launchpad for building and deploying next-generation technologies for the world,” said Goyal.

During an engaging interaction with the Institute of Chartered Accountants of India (ICAI) leadership and members from Chicago, Michigan, and Ohio Chapters, the minister discussed the expanding opportunities in the India-US economic partnership and “highlighted how India’s economic momentum, marked by record FDI inflows and strong GDP growth, reflects PM Narendra Modi’s vision of a confident, self-reliant and globally competitive India”.

“Chartered Accountants have a pivotal role in strengthening this partnership by helping businesses navigate cross-border taxation, regulatory compliance and financial governance, while making Indian enterprises investment-ready for global capital,” the minister noted.

Goyal also delivered the keynote address at the USIBC Roundtable in Chicago.

“Discussed venture investment, commercialisation, and corporate partnerships to help Indian and US startups scale across markets. Explored opportunities to deepen India–US innovation linkages and foster the next generation of high-growth enterprises,” Goyal said.

He met Juan Ricardo Luciano, Chair of the Board and CEO of Archer Daniels Midland (ADM).

They discussed avenues to expand ADM’s presence and investment opportunities in India.

“With our rapidly expanding food processing sector, modernising agricultural value chains, and massive consumer base, India offers tremendous potential for sustainable growth and long-term collaboration,” said Goyal.

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