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Reliance Communications
The Enforcement Directorate on Friday said it has arrested former Reliance Communications (RCOM) president Punit Garg on money laundering charges in an alleged Rs 40,000 crore worth bank loan fraud against group companies of businessman Anil Ambani. Garg was taken into custody on Thursday. A special Prevention of Money Laundering Act (PMLA) court in Delhi sent him to nine days of ED custody, the federal probe agency said in a statement. Garg, ex-president and director of Reliance Communications Limited (RCOM), was arrested in connection with an ongoing investigation linked to an alleged over Rs 40,000 crore bank fraud and money laundering by RCOM and its group entities, the ED said. There was no immediate comment from the Reliance Group on this development. The agency, on Wednesday, had said it had attached shares and mutual funds in the name of Garg's wife. "Garg, while holding senior managerial and directorial positions in RCOM over an extended period from 2001 to 2025, was acti
The Bombay High Court on Wednesday stayed all present and future actions by three banks seeking to declare the accounts of Anil Ambani and his company Reliance Communications Ltd as 'fraud', noting that the provisions of the RBI's Master Directions were violated in the process. The action was based on a forensic audit report prepared by an external auditor, BDO LLP, noted Justice Milind Jadhav. But this report cannot be relied upon because it had not been signed by a duly qualified chartered accountant (CA) as required under the Reserve Bank of India's 2024 Master Directions on fraud, the judge said. If interim relief was not given to Ambani and Reliance Communications, it would cause "grave and irreparable harm / loss", said the order. "Principles of natural justice are based on the maxim 'justice should not only be done but should manifestly be seen to be done,' the HC said, adding that a forensic audit report prepared by an external auditor cannot be relied upon by the banks to
The Supreme Court on Tuesday issued notices to the Centre, CBI, ED, Anil Ambani and others on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving Reliance Communications (RCOM), its group companies and their promoter. A bench comprising Chief Justice B R Gavai and Justice K Vinod Chandran took note of the submissions of lawyer Prashant Bhushan, appearing for PIL petitioner and former Union secretary E A S Sarma, and sought the replies within three weeks. The bench has now posted the PIL for further hearing after three weeks. Bhushan alleged that the probe agencies are not investigating the alleged complicity of banks and their officials in the huge banking fraud. He sought a direction to the CBI and the ED to file respective status reports with regard to the probe against banks and their officials in the case. Issue notice returnable in three weeks. Let them file their replies, the CJI said. The PIL alleged systematic diversion of publi
The Bombay High Court while upholding an order of the State Bank of India (SBI) classifying the accounts of industrialist Anil Ambani and Reliance Communications as fraud has said it was a reasoned order, and did not have any legal flaw. A bench of Justices Revati Mohite Dere and Neela Gokhale on October 3 dismissed a petition filed by Ambani, challenging the SBI order. The judgment, a copy of which was made available on Tuesday, said there was no merit in Ambani's plea as there was no "infirmity" in the SBI order of June 13, 2025. The court did not entertain the industrialist's contention that the order should be held as null and void because he was not given a personal hearing, and relevant documents were not furnished to him. The right available under the Reserve Bank of India's (RBI) Master Directions, under which the SBI passed its order, is that of making a representation and not of personal hearing, the high court noted. Ambani had submitted his response to the show-cause .
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
Recent action by CBI on Reliance Communications has had no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders, Reliance Power and Reliance Infrastructure said on Sunday. In two separate exchange filings, the Reliance Group companies said they are separate and independent listed entities with no business or financial linkage to Reliance Communications. Further, Anil D. Ambani is not on the Board of Reliance Power Ltd for more than 3.5 years. Accordingly, any action in relation to Reliance Communications has no bearing or impact on their governance, management, or operations, the companies said. The companies said they "wish to clarify on the media reports that the recent action by Central Bureau of Investigation on Reliance Communications Ltd and on Anil D Ambani has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders." At present, Reliance Communications is being ..
The CBI has filed a case against Reliance Communications and searched its premises on Saturday in connection with an alleged bank fraud that caused a loss of over Rs 2,000 crore to the State Bank of India, officials said. The agency is conducting searches at the premises linked to RCOM and its Promoter Director Anil Ambani, they said. The entities were classified as fraud on June 13 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 had said in a written reply in the Lok Sabha last month. "On June 24, 2025, the bank reported classification of fraud to RBI, and is also in the process of lodging complaint with CBI," he had said. More details are awaited.
The NCLAT has set aside a petition filed by the state tax department claiming dues from Reliance Communications (RCom) observing that it was based on the assessment made after the initiation of insolvency resolution process against the debt-ridden firm. A two-member NCLAT bench upheld the earlier order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had rejected the state tax department's second claim of Rs 6.10 crore. Corporate Insolvency Resolution Process (CIRP) against RCom was initiated on June 22, 2019. The state tax department had filed two claims. The first claim was filed on July 24, 2019 for Rs 94.97 lakh and a second claim was filed on November 15, 2021 for Rs 6.10 crore, which arose out of an assessment order dated August 30, 2021. The NCLT had admitted the first claim, which was passed before the initiation of CIRP. However, it did not accept the claim which was based on an assessment order passed in 2021. The Committee of Creditors (CoC