Page 2 - Reliance Communications

Reliance Comm, Power, Infra hit 5% lower circuit as CBI books Anil Ambani

Anil Ambani's firm's stocks plunged as the CBI filed a case and carried out searches after a fraud complaint from the State Bank of India

CBI action on RComm won't affect Reliance Power, RInfra, say filings

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 ..

CBI books Anil Ambani's RCom for ₹2,000 cr bank fraud, searches premises

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.

Canara Bank drops 'fraud' label on Anil Ambani-linked RCom loan account

The case relates to a loan account linked with Ambani's firm Reliance Communications, which is undergoing insolvency proceedings

SBI marks Reliance Com loan as 'fraud', reports Anil Ambani to RBI

SBI tags Reliance Communications' loan as fraud citing irregularities and fund misuse before CIRP and reports Anil Ambani to RBI as per central bank's compliance norms

SBI flags Reliance Comms loan as fraud; Anil Ambani's name sent to RBI

State Bank of India's forensic audit cites fund diversion and loan violations; Reliance Communications says it is protected under the Insolvency and Bankruptcy Code

Tariff impact: Reliance Jio loses 3.76 million users in October 2024

Airtel adds 1.9 million users after 3 months, BSNL grows base

Canara Bank classifies RCom and its subsidiary as 'fraud' accounts

The accounts were reported as "fraud" by the lender to the Reserve Bank of India (RBI) on September 18

NCLAT rejects tax claim against RCom after initiation of insolvency

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

NCLT approves resolution plan for Reliance Communications Infrastructure

Last week, the NCLT gave its approval for the sale of specific real estate properties of Reliance Communications Limited

NCLT Mumbai approves sale of Reliance Communications real estate assets

Insolvency tribunal NCLT Mumbai has approved the sale of some of the real estate assets of telecom company Reliance Communications, a regulatory filing said on Wednesday. The filing attached an order of the National Company Law Tribunal's Mumbai bench in the matter of application filed by the resolution professional of Reliance Communications (RCom), seeking approval from the NCLT for undertaking the sale of certain unencumbered assets of the company. "...this Tribunal clarifies that the Applicant/RP can sell assets of the Corporate Debtor (as described in Para 1 above) under Regulation 29 of the CIRP Regulations after submission of the resolution plan for approval by this Tribunal," the NCLT order dated December 7 said. Resolution professional can sell assets of the company after submission of the resolution plan for approval by the tribunal, according to the order. "This Tribunal accords its approval to the Applicant to conduct the sale of the Assets of the Corporate Debtor in te

Union Bank of India begins probe into RCom loan, seeks firm's response

The Union Bank of India has started examination of a loan sanctioned to Reliance Communications (RCom) from the angle of fraudulent practice and has sought the company's response, according to a regulatory filing. The company is undergoing an insolvency resolution process after it failed to clear vendor dues and other debt. "Company has received a letter from Union Bank of India, with subject 'Examination of irregularities observed in the Loan Ac 495806390002088 and 495806390002240 from the fraud angle, as per the guidelines of Reserve Bank of India', asking to submit company's response or reply on the said irregularities as pointed out by Forensic Auditor," RCom said in a filing. The Union Bank of India (UBI) in a letter, dated August 7, to RCom said the bank sanctioned from time to time various credit facilities for RCom's two loan accounts at the company's request. The bank said that Reliance Communications failed to maintain the loan accounts according to the sanctioned terms,

Lenders look to bag Rs 8,000 crore from sale of RCom's prime property

Will hold auction to sell 56-acres of prime real estate in Navi Mumbai, expect higher valuation due to construction of new airport in the vicinity

Lenders plan to put Reliance Communications HQ in Navi Mumbai on sale

Indian lenders had sent the company, earlier owned by Anil Ambani, for debt resolution in May 2018

RBI's revised ARC norms: Aircel, RCom debt resolution faces uncertainty

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

Lenders agree to RNTL-Reliance Industries' takeover deal: Report

Two years after the deal was approved by the NCLT, banks led by the State Bank of India (SBI) have agreed to issue a no objection certificate (NOC) to Mukesh Ambani-owned Reliance Industries

RCap lenders hive off home finance, NBFC into separate trust for resolution

The proceeds of the sale of these two companies in future will flow directly to the lenders of the Reliance Capital which is currently undergoing a bankruptcy process

5 years of IBC: Debt-ridden RCom awaits court approval to allow UVARCL bid

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

Lenders to Aircel, Reliance Communications hope for faster resolution

RBI panel recommends that ARCs be allowed to bid for bankrupt firms

DoT set to cancel Reliance Communications licence over payment default

According to an official, clauses under the license agreement empower the government to terminate the licence of the company