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Reliance Communications Limited ( (IN:RCOM) ) has issued an update.
Reliance Communications Limited has disclosed that its subsidiary, Reliance Telecom Limited, has had its loan account classified as fraudulent by State Bank of India following a decision by the bank’s fraud identification committee. SBI intends to report RTL’s name to the Reserve Bank of India in line with regulatory requirements, highlighting legacy credit issues that predate the insolvency process and intensifying scrutiny over the group’s past financing arrangements.
The company stated that both Reliance Communications and Reliance Telecom are already in corporate insolvency resolution, and that the affected credit facilities will be…
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