The Customs Department seized the luxury yacht in Feb for alleged tax evasion but the ADAG claims that the yacht was not imported. They have clarified that it carries a foreign flag as it as sail in international and Indian waters.
The yacht was purchased in Oct '08 by Ammolite Holdings which is known to be an associate of ADAG and has been chartered by Reliance Transport and Travels Ltd.
Bombay High Court on Wednesday, May 6 adjourned a hearing of petition challenging seizure of the yacht. A bench comprising of Justices F I Rebello and J H Bhatia will hear the ADAG lawyer on Friday, May 8.
The yacht named 'Tian' (Tina + Anil) was supposedly a gift by Anil Ambani to his wife Tina.