Reliance Communications Legal & Regulatory
Reliance Communications informed that its subsidiary, Reliance Telecom, and an erstwhile director have been classified as 'Wilful Defaulters' by Canara Bank's Review Committee.
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Reliance Communications informed that its subsidiary, Reliance Telecom, and an erstwhile director have been classified as 'Wilful Defaulters' by Canara Bank's Review Committee.
The NCLT ruled the approved Resolution Plan for subsidiary RCIL non-implementable. It directed the erstwhile Committee of Creditors to meet and decide the future course.
The Department of Telecommunications invoked bank guarantees worth approximately ₹801.91 Crore due to alleged defaults in deferred spectrum payments. The company is evaluating the implications.
Punjab National Bank classified Reliance Telecom Limited’s loan account as fraud, involving ₹201.51 Crore. The subsidiary is currently undergoing corporate insolvency resolution under the IBC.