Business

Canara Bank Withdraws Fraud Allegation Against Anil Ambani’s ₹1,050 Crore Loan Account

Published

9 months ago

July 12, 2025

On Thursday, Canara Bank informed the Bombay High Court that it has rescinded its earlier classification of industrialist Anil Ambani’s loan account, worth Rs 1,050 crore, as “fraudulent.”

Previously, in June, the State Bank of India (SBI) had also categorized the loan account of Reliance Communications, led by Anil Ambani, as “fraudulent.”

Canara Bank’s decision follows the initial label of “fraudulent” given to Reliance Communications and its subsidiary, which stemmed from allegations of misusing the Rs 1,050-crore loan. The bank claimed that the funds, allocated in 2017 for capital expenditures and debt repayment, were misappropriated, leading to the November 2024 classification.

The bank asserted that the loan violated its terms, as the funds were allegedly redirected through inter-company transactions to invest in mutual funds and fixed assets. Canara Bank stated, “The loans were invested in mutual funds and fixed assets, which were then liquidated to settle payments to both related and unrelated parties.”

Anil Ambani contested this classification in court, arguing that the bank had not followed proper procedures. Reliance Communications rejected all allegations, stating that the company has been under an insolvency resolution process since 2018, making it exempt from such a classification. The company stressed that a fraud designation should not interfere with its ongoing insolvency proceedings, as it could hinder restructuring efforts.

The dispute centered on whether Canara Bank adhered to the Reserve Bank of India’s (RBI) guidelines on fraudulent accounts, which require that borrowers should have an opportunity to respond before any fraud designation is finalized. In February, the Bombay High Court suspended the bank’s order, questioning whether banks were complying with the necessary procedures and the Supreme Court’s directives on the issue.

Business

Tomato Prices Crash from Rs.1200 to Rs.80, Farmers in Distress

Published

2 weeks ago

March 25, 2026

Namma Kudla

Business: Tomato prices in Vijayanagara district have dropped sharply, causing heavy losses to farmers and traders. A box of tomatoes that was earlier sold for Rs.1000 to Rs.1200 is now being sold for just Rs.80 to Rs.100.

Due to the sudden fall in prices, farmers are struggling to recover their investment. Many had taken loans to grow the crop and are now facing financial difficulties.

In local markets, traders are selling tomatoes at very low rates. Around 2 to 4 kilograms of tomatoes are being sold for just Rs.20.

The price crash has been linked to multiple reasons. Export of tomatoes to other countries has reduced due to the Iran–Israel conflict. In addition, many hotels are not operating properly due to a shortage of cooking gas cylinders. This has reduced demand for tomatoes.

As a result, both farmers and sellers are facing serious losses, and the situation has become very difficult for them.

Business

Gold Prices Rise in Mangaluru; 24K Gold at Rs.13,564 per Gram

Published

3 weeks ago

March 24, 2026

Namma Kudla

Mangaluru: Gold prices in the coastal city of Mangaluru have been updated today, reflecting the latest market trends.

The price of 24 karat gold (99.9% purity) stands at Rs.13,564 per gram. Meanwhile, 22 karat gold (91.6% purity) is priced at Rs.12,434 per gram. The rate for 18 karat gold (75% purity) is Rs.10,173 per gram.

Mangaluru, known for its rich coastal culture and love for seafood, also has a deep connection with gold. The demand for gold ornaments in the city remains strong, especially during weddings and festivals.

The gold trade in Mangaluru has a long history and continues to play an important role in the local economy. Many families prefer investing in gold due to its cultural and financial value.

Buyers are advised to check the latest rates before making any purchase, as gold prices may change daily based on market conditions.

For those planning to buy gold, using a Gold Rate Calculator can help in getting accurate pricing based on weight and purity.

Business

Good News for Milk Producers in Chikkaballapur – 50 Paise Increase per Litre

Published

1 month ago

March 8, 2026

Namma Kudla

Chikkaballapur: The Chikkaballapur Milk Union (Chimul) has announced good news for milk producers in Chikkaballapur district. The union has decided to increase the milk procurement price by 50 paise per litre, which will benefit dairy farmers in the district.

Earlier, on January 1, Chimul had increased the price by Rs.1 per litre as a New Year benefit to farmers. Now, the union has announced an additional 50 paise increase.

With this latest revision, dairy farmers will receive Rs.36.40 per litre for milk. The 50 paise increase will remain in effect until the end of May.

Chimul President Manjunath Reddy told Public TV that the union will review its profits and may continue the price increase in the future based on financial performance.

The decision is expected to provide some relief and encouragement to dairy farmers in Chikkaballapur district.