Reliance Communications on Tuesday said that the State Bank of India (SBI) has classified its loan account as “fraud” and plans to report the company and its former director, Anil Ambani, to the Reserve Bank of India (RBI).
In a stock exchange filing, the company stated that SBI has taken the decision in connection with credit facilities dating back to August 2016. Reliance Communications is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) and has a resolution plan awaiting final approval by the National Company Law Tribunal (NCLT).
According to a report by CNBC-TV18, SBI had sent show-cause notices to the company in December 2023, March 2024, and September 2024.
After reviewing…