State Bank of India has decided to classify the loan account of Reliance Communications Ltd. as ‘fraud’, a move that dates back to transactions from August 2016, according to an exchange notification. The bank will also report the name of Anil Dhirajlal Ambani, erstwhile director of the defunct telecom operator and head of the Anil…
The move comes as RCom is currently under the corporate insolvency resolution process as per the Insolvency and Bankruptcy Code Anil Ambani: From the 6th richest in the world to Rs.31,580 cr ‘fraud’ tag by State Bank State Bank of India (SBI) has decided to classify the loan account of beleaguered telecom firm Reliance Communications…
Insolvencies steady but companies face ‘significant headwinds’ for rest of the year MSN Read the original article here
The future appears bleak for Esoteric Festival, which has entered into voluntary administration following an unfortunate deadlock with authorities. “This is by far the hardest thing I’ve ever had to write,” explains festival co-founder and Sam Goldsmith in an open letter. The annual event, he continues, has ceased trading after entering voluntary administration with effect…
200 jobs lost, clients left waiting as national truck company goes bust The Australian Read the original article here
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In a significant judgement addressing the limitation framework under the Insolvency and Bankruptcy Code, 2016, the National Company Law Appellate Tribunal (NCLAT), New Delhi Bench, upheld the initiation of Corporate Insolvency Resolution Process (CIRP) against Extol Industries Ltd. under Section 7 of the IBC. The Ld. Tribunal clarified that when a financial liability is repeatedly…
In a major setback for Anil Ambani, the former director of Reliance Communications Ltd (RCOM), the State Bank of India (SBI) has classified the company’s loan account as “fraud.” The bank is now gearing up to report Ambani’s name to the Reserve Bank of India (RBI), stirring fresh controversy around the telecom giant’s financial dealings.…
The one Reliance company that failed MSN Read the original article here