RCom

Reliance Power on Friday said that action taken by Bank of Baroda against Reliance Communications has no impact on its business operations and financial performance. After State Bank of India and Bank of India, another lender, Bank of Baroda, has classified the loan account of insolvent Reliance Communications as fraudulent and named its former director, tycoon Anil Ambani, citing alleged misutilisation of loans granted more than a decade back. In an exchange filing, Reliance Power said it is a separate and independent listed entity, with no business or financial linkage to Reliance Communications. "The recent action by Bank of Baroda to classify the loan account of Reliance Communications and Anil D Ambani as fraud has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Power," it said. Reliance Power said the disclosures and records available in the public domain indicate that the aforesaid classification by

State Bank of India has classified Reliance Communications along with promoter director Anil D Ambani as 'fraud' and is also in the process of lodging complaint with CBI, Parliament was informed on Monday. The entities were classified as fraud on June 13, 2025 in accordance with the RBI's Master Directions on Fraud Risk Management and Bank's Board-approved Policy on Classification, Reporting & Management of Frauds, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. "On June 24, 2025, the bank reported classification of fraud to RBI, and is also in the process of lodging complaint with CBI," he said. Further, on July 1, 2025, as part of disclosure compliance, Resolution Professional of RCom informed the Bombay Stock Exchange regarding fraud classification by the bank. The credit exposure of SBI in RCom includes, fund-based principal outstanding amount of Rs 2,227.64 crore along with the accrued interest and expenses with effect from August 26, .

Reliance Communications, then owned by Anil Ambani, had to shut down its business operations as a result of its high debt burden and a failed merger with Aircel

While the RBI is now planning to allow ARCs to bid for bankrupt companies, RCom's resolution is now stuck in courts

The Supreme Court Thursday dismissed a plea by SBI seeking resumption of insolvency proceedings against the then chairman of RCom, Anil Ambani, to recover Rs 1,200 crore loan granted to his two firms

The National Company Law Tribunal (NCLT) Mumbai is scheduled to hear the resolution plan of RCOM, RTL and RITL on Friday, the source added

Indian lender says resolution professional for bankrupt telecom company has made claims which have a 'likelihood' of succeeding.

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As many as 44 companies belonging to 10 large business groups reportedly accounted for bad loans of Rs 34,000 crore of YES Bank

According to sources in the bank, the final voting on the resolution will be over on Wednesday

The voting results on the various resolutions to sell RCom, Reliance Telecom and Reliance Infratel is expected to be declared on March 4

The banks are expecting that they will be able to salvage much more than what they did from Aircel

The company had posted a loss of Rs 238 crore in the same period a year ago

Ambani denies providing authority for any such guarantee, resulting in the High Court action in the UK - the jurisdiction agreed to as part of the terms of the loan agreement

Delhi-based UVARC has offered to pay about Rs 16,000 crore for the spectrum, real estate, and enterprise and data centre businesses of RCom and Reliance Telecom, which houses these assets

The executive mentioned earlier said with the payment of Rs 1,700 crore to lenders, RInfra would not need to go through an insolvency process

The other bidders include Bharti Airtel, Värde Partners and UV Asset Reconstruction Company (UVARCL)

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Reliance Communications is going through the corporate insolvency resolution process under the supervision of the Mumbai-bench of National Company Law Tribunal