Bankruptcy proceedings initiated for AB Šatrija

On 4 September 2025, the Šiauliai Regional Court ruled to initiate bankruptcy proceedings for AB Šatrija, a sewing services company owned by the Utenos Trikotažas Group. The ruling may be appealed within 7 days of delivery. Once it becomes final, AB Šatrija will acquire the status of a bankrupt legal entity. Insolvency administrator Juozas Valaitis…

Bank of Baroda classifies Anil Ambani and RCom as ‘fraud’

In a significant development, state-owned Bank of Baroda (BoB) has classified the loan accounts of debt-laden Reliance Communications Limited, also RCom, and its former chairman, Mr. Anil Dhirubhai Ambani, as “fraud”, alleging a systematic diversion and misappropriation of funds. The bank issued a detailed “Reasoned Order” on September 2, 2025, following a protracted process that…