Reliance Communication clarifies on fraud allegations!

Last updated: 31 Dec, 2020 | 07:11 am

Reliance Communication clarifies on fraud allegations!
  • Anil Dhirubhai Ambani Group (ADAG) said that act of banks labelling the accounts of the bankrupt firm Reliance Communications (RCom) and its subsidiaries as fraud was 'unjustified' and 'unwarranted'.
  • It also denied the reports circulating on social media which claim that RCom and its units owe ₹ 86,188 crore to lenders. As per the company they owe around ₹ 26,000 crore to Indian banks and financial institutions as on the date of filing before the dedicated bankruptcy court.
  • After hearing of the plea filed by Rcom and its subsidiary Reliance Infratel, Delhi High Court by an interim order has asked the banks to not label these accounts as frauds for time being. 
  • Last week  State Bank of India, Union Bank of India and Indian Overseas Bank classified the accounts of RCom as fraudulent. These allegations come after a year ago when a forensic audit revealed questionable transactions worth ₹5,500 crore in some of the group’s units. 
  • Notably, resolution applicant Reliance Jio has got National Company Law Tribunal (NCLT) nod for tower assets of Reliance Infratel for ₹4,975 crore while UV Asset Reconstruction Co. Ltd is awaiting approval for picking up assets of RCom and Reliance Telecom.

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