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 Ambani-led Reliance Group, to the Reserve Bank of India in line with regulatory requirements for key management personnel involved in such accounts.
This has come as RCom is currently under the corporate insolvency resolution process as per the Insolvency and Bankruptcy Code.
The company clarified that the resolution plan for its insolvency has already been approved by its committee of creditors and is…