Had spent Rs 550 crore on his daughter’s wedding, how did this Indian billionaire go bankrupt?

There was lots of dialogue concerning the marriage of Mukesh Ambani’s son Anant Ambani within the 12 months 2024. Seeing the expenditure incurred on the marriage, individuals had been shocked. But, are you aware that about 10 years earlier than this marriage, such a grand wedding ceremony befell within the nation, which was mentioned everywhere in the world. However, the businessman who had borne the bills of this marriage has gone bankrupt as we speak.

Who was that businessman

The businessman we’re speaking about Yes, his title is Pramod Mittal. Pramod Mittal is the brother of industrialist Lakshmi Mittal. There was a time when his title was additionally within the record of the richest individuals of the nation, however in 2020 Pramod Mittal went bankrupt. In the 12 months 2020 itself, a London court docket had declared Pramod Mittal bankrupt. At that point he had a debt of greater than 13 crore kilos.

He had spent cash on his daughter’s wedding ceremony.

The means Mukesh Ambani had spent cash on his son. Didn’t care about cash in his marriage, equally Pramod Mittal additionally did not care about cash when he bought his daughter Shrishti married in 2013. According to media reviews, within the 12 months 2013, Pramod Mittal had spent about Rs 550 crore on his daughter’s marriage.

How did Pramod Mittal go bankrupt?

< p>Actually, Pramod Mittal had taken assure of the mortgage of GIKIL, a Bosnian coke firm. But, GIKIL couldn’t repay its mortgage. Now as a result of Pramod Mittal was its guarantor, it affected him additionally. GIKIL had taken a mortgage from a metal buying and selling firm in London. When GIKIL did not repay the mortgage of this firm, the matter reached the court docket. Pramod Mittal was additionally entangled in this complete matter after which in 2020, Pramod Mittal was declared bankrupt by the court docket. Earlier in 2019, he was additionally arrested in Bosnia on fees of fraud.

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