The probe, which looked at transactions between May 2017 and March 2018, found three large entries buried under hundreds of thousands of others that the SBI-led lenders group suspects could conceal fund diversion.
Synopsis
The bench directed Jio to furnish application copies to all parties and asked them to file their replies and adjourned the hearing to June 10. On December 3, the National Company Law Tribunal’s (NCLT) Mumbai bench had cleared Jio s resolution plan to pick up the tower and fibre assets of RCom – housed under Reliance Infratel - for under Rs4,000 crore which would have gone to the lenders.
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Reliance Jio Infocomm (Jio) has moved the bankruptcy court against
Reliance Communications (Rcom) tower unit, Reliance Infratel, seeking disclosures of the forensic audit reports of the tower company whose accounts, along with its parent’s, were marked as “fraudulent” by some of its lenders.
Reliance Group says allegations of fraud unjustified and unwarranted
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Synopsis The alleged ‘fraud’ classification by certain banks is entirely unjustified and unwarranted, and the .Delhi High Court by an interim order has directed the same to be kept in abeyance for the time being, and the matter is now sub judice, the Reliance Group said in a statement Wednesday.
RCom is believed to have moved the Delhi High Court, challenging the classification. Hearing the petition, the court directed the banks to maintain status quo and no coercive action till the next date of hearing, which has been set for January 13.
December 30, 2020 “Sure, the balloon has burst. But who was pumping gas in the balloon? Indian bankers are as responsible as Mr Ambani,” says HW News’ Business Editor Akhilesh Bhargava over the developments.
According to the report by the Business Insider, problems for fallen billionaire Anil Ambani do not seem to be ending soon as in the middle of Reliance Communications’ bankruptcy resolution process, three Indian banks are classifying the company’s accounts and the accounts of its units as fraudulent.
Anil Ambani, who had told a UK court that his “net worth was zero” and he was bankrupt, now finds himself under the scanner of the State Bank of India (SBI), Union Bank of India (UBI) and the Indian Overseas Bank (IOB), who are not willing to buy his story.
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Three Anil Ambani companies have reportedly been accused of fraud by banks the amount at stake is nearly ten times more than what Mallya owed
Three Anil Ambani companies have reportedly been accused of fraud by banks the amount at stake is nearly ten times more than what Mallya owed
Prabhjote GillDec 31, 2020, 12:14 IST
Anil AmbaniBCCL
The accounts of three Anil Ambani-led Reliance Group entities have reportedly been flagged as fraudulent by three banks, including India’s largest lender, the State Bank of India (SBI).
Reliance Communications, Reliance Infratel, and Reliance Telecom owe lenders ₹86,188 crore.
This is ten times more than the debt garnered by former billionaires Vijay Mallya and Nirav Modi.