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Business Insight

India is no longer a defaulters' paradise

Tycoons are being held to global standards on debt obligations for the first time

Reliance Communications was essentially forced out of India's consumer mobile market by harsh competition, leaving owner Anil Ambani in hot water over the company's missed payments.    © Reuters

When Mukesh Ambani, India's richest man, hosted a lavish, three-day wedding for his eldest son, the guest list was naturally a who's who of the corporate community. But as the couple celebrated their new future, some of those business leaders were likely fretting about theirs.

Among the attendees were a number of tycoons fighting to keep control of their companies as creditors demand to be paid and regulators get tough on owners. These included steel magnate Sashi Ruia and Mukesh's own brother, Anil, whose telecom company has been on the ropes for years. 

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