Reliance Communications (RCom), once a formidable force in India’s booming telecommunications industry, had a rapid ascent and a spectacular decline. In the latest development about the beleaguered company, State Bank of India has decided to mark Reliance Communications’ loan account as “fraud” and report the name of Anil Dhirajlal Ambani (erstwhile director of the company) to the RBI, in a case that stretches back to August 2016. RCom has confirmed this move in an official filing.
RCom has been under a corporate insolvency resolution process since 2019. In its statement, the company reminded investors that any loans linked to the period before insolvency must be handled within the resolution plan.
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