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Reliance Communications Limited ( (IN:RCOM) ) has issued an update.
Reliance Communications has disclosed that its subsidiary Reliance Telecom Limited has had its loan account classified as fraud by Punjab National Bank, which also designated RCOM director Grace Thomas as fraud in her former capacity as a director of the subsidiary. The company noted that both RCOM and RTL are already under insolvency proceedings, that the questioned loan relates to a pre-insolvency period, and that the matter is expected to be addressed through approved resolution plans and ongoing avoidance applications before the National Company Law Tribunal, while legal advice is being sought on next steps.
The fraud classification emerges as…
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