New Delhi: In a significant step, Bank of Baroda, one of India’s leading public sector banks, has declared the loan accounts of Reliance Communications Ltd. (RCom) and its erstwhile Director, Anil Ambani, as ‘fraud’, according to an exchange filing.
This classification pertains to loans taken before RCom entered the corporate insolvency resolution process (CIRP), the exchange filing told on Thursday.
This development marks a crucial turn in the ongoing financial saga surrounding the once-prominent telecom company and its erstwhile director. RCom, currently undergoing the CIRP under the Insolvency and Bankruptcy Code (IBC), 2016, has said that the loans in question relate to the period before its insolvency proceedings began. The…