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Reliance Communications Limited ( (IN:RCOM) ) has provided an announcement.
Reliance Communications Limited has disclosed that UCO Bank has classified its loan accounts as ‘fraud’. This development comes as the company is undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The loans in question pertain to a period before the insolvency process began, and their resolution is part of the ongoing legal proceedings. The company has also initiated a review of transactions identified as avoidance…