Bank of Baroda has declared the loan accounts of Reliance Communications Ltd. (RCom) and its former director Anil Ambani as “fraud.” | Image:
Reuters
Anil Ambani Bank of Baroda-RCom Case: In a major move, Bank of Baroda has declared the loan accounts of Reliance Communications Ltd. (RCom) and its former director Anil Ambani as “fraud.” The decision relates to loans taken years before the company entered insolvency.
However, RCom and Anil Ambani have both pushed back, calling the classification selective and unfair.
RCom’s Clarification
Reacting to the development, a Reliance Communications spokesperson told Republic Business, “The loans in question belong to the pre-CIRP period. Under the Insolvency and…