'Biggest Defaulter': Netizens Slam Anil Ambani's Presence At Ram Temple Consecration Ceremony

'Biggest Defaulter': Netizens Slam Anil Ambani's Presence At Ram Temple Consecration Ceremony

Anil Ambani, the managing director of Reliance Group (also known as Reliance ADA Group), was among the attendees at the ceremony. Social media users raised questions about the rationale behind inviting Ambani.

Tejas JoshiUpdated: Monday, January 22, 2024, 04:54 PM IST
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Prime Minister Narendra Modi on Monday performed the Pran Pratishtha ceremony for the Ram Lalla idol at the much-anticipated temple in Ayodhya, Uttar Pradesh. The grand occasion drew the attendance of prominent figures from various domains in India, including actors, businessmen, sports personalities, and religious leaders.

Actors Amitabh Bachchan, Abhishek Bachchan, Vicky Kaushal-Katrina Kaif, Ranbir Kapoor-Alia Bhatt, Ayushmann Khurrana along with filmmaker Rohit Shetty attended the event. Industrialists and businessmen like Mukesh Ambani, Sunil Mittal, Kumar Mangalam Birla, Anil Agarwal were also present for the ceremony.

Anil Ambani's presence irks netizens

However, the attendance of one businessman at the event stirred controversy on social media. Anil Ambani, the managing director of Reliance Group (also known as Reliance ADA Group), was among the attendees at the ceremony. Social media users raised questions about the rationale behind inviting Ambani, considering his involvement in various controversies over the past years, particularly concerning his substantial debt and subsequent bankruptcy.

Prominent financial journalist Sucheta Dalal, sharing the video of Anil Ambani at the event, wrote on X, "Nice -- invitee includes one of the biggest defaulters of corporate India -- Why is @TheVijayMallya who owes 1/40th of what this man owes banks treated so shabbily, while this defaulter is an honoured guest?"

"Anil Ambani, the biggest defaulter of India..may be one gets biggest devotee tags after they dupe their own land n people. Mallya is unnecessarily hiding as a fugitive for Rs 8500 crores.. Look here the ashes worth Rs 47000 crores," another user wrote on X.

Another X user said, "Today God will give darshan only to the rich, common people should stay away from it. Btw... isn't he Anil Ambani? India's biggest loan defaulter!"

"What has Anil Ambani, a Govt bank defaulter done to receive an invite here? SBI also declared his accounts fraud a few years ago," said another X user named Viren Hemrajani.

Anil Ambani's downfall and bankruptcy

Anil Ambani, once celebrated as India's richest man, saw his business empire crumble under the weight of a staggering 47,000 crore debt. His Reliance Group, encompassing telecom, infrastructure, and power sectors, had aggressively expanded through borrowings, leaving it vulnerable to economic downturns.

A fierce competitive landscape, with Mukesh Ambani's Jio disrupting the telecom market, and Reliance Power's struggles in the volatile energy sector further squeezed profits. Strategic missteps, like venturing into CDMA technology, added to the woes. As companies defaulted on loans, they were dragged into bankruptcy proceedings under the Insolvency and Bankruptcy Code. Anil Ambani's once sprawling empire was dismantled, with some companies sold off and others liquidated, leaving a cautionary tale of the perils of unchecked debt and the need for strategic agility in a dynamic market.

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