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Yes Bank case: Anil Ambani seeks more time from ED to respond on loan details

Yes Bank case: Anil Ambani's Reliance Group stated in a statement that the company's entire exposure to the troubled bank is fully secured and are in accordance with the law

Divyesh Singh | March 20, 2020 | Updated 12:55 IST
Yes Bank case: Anil Ambani seeks more time from ED to respond on loan details
Yes Bank case: Anil Ambani was questioned for 9 hours

Reliance Group Chairman Anil Ambani was questioned by the Enforcement Directorate (ED) on Thursday in connection with the Yes Bank case. ED suspects that Yes Bank founder Rana Kapoor extended several loans for quid pro quo to Kapoor and companies owned by his family. Ambani was summoned in connection with the Rs 12,400 crore loans borrowed by Reliance Group from the troubled lender.

Anil Ambani arrived at the ED office at around 8:30 am on Thursday and left after 6 pm. According to sources, Ambani was questioned by a Deputy Director-level officer regarding the loans ADAG Group borrowed from Yes Bank. Ambani told the ED that he couldn't recollect details of the loans and sought more time. He has been summoned by the ED again on March 30 for another round of questioning.

Reliance Group stated in a statement that the company's entire exposure to Yes Bank is fully secured. It added that all transactions between the group and Yes Bank are in compliance with the law. Reliance further added that the group has no direct or indirect exposure to Rana Kapoor, Bindu Kapoor, their daughters or any entities controlled by their family.

Also read: YES Bank-Rana Kapoor case: Anil Ambani appears before ED

"Reliance Group is committed to honour repayments of all its borrowings from Yes Bank through its various asset monetisation programmes. Mr Ambani, has assured that the Reliance Group will continue to extend their full support and cooperation to all authorities," stated the company.

The agency has summoned all major borrowers from the bank. Other than Ambani, promoter of Cox and Kings Peter Kerkar was summoned on Thursday. The travel company has an exposure of Rs 3,500 crore to Yes Bank, which has turned into NPAs.

Media baron Subhash Chandra of Zee Group, founder and Chairman of IndiaBulls Group Sameer Gehlaut, Jet Airways founder Naresh Goyal, DHFL Group promoters Dheeraj and Kapil Wadhawan have all been summoned by the ED. The Wadhawans refused to appear citing health reasons due to coronavirus.

Also read: Yes Bank case: Anil Ambani, Naresh Goyal, Subhash Chandra summoned by ED

Also read: Yes Bank case: DHFL promoters refuse to appear for questioning; cite coronavirus

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