Reliance group has said that certain banks labelling the accounts of the now defunct telecom firm - Reliance Communications (Rcom) - and its units as fraud was "unjustified" and "unwarranted". It also refuted reports on social media that RCom and its units owe lenders Rs 86,188 crore, saying they owe around Rs26,000 crore to Indian banks and financial institutions as on the date of filing before the dedicated bankruptcy court.
"The alleged ‘fraud’ classification by certain banks is entirely unjustified and unwarranted, and the ...Delhi High Court by an interim order has directed the same to be kept in abeyance for the time being, and the matter is now sub judice," the Reliance Group said in a statement Wednesday.
The comments come after lenders State Bank of India, Union Bank of India and Indian Overseas Bank classified the accounts of the telco and its units — Reliance Telecom and Reliance Infratel — as fraudulent last week. The lenders are now looking to initiate a deeper probe, said one of the persons, ET reported in its December 28 edition.
The fraud allegations come a year after a forensic audit unearthed questionable transactions worth Rs 5,500 crore in the three Anil Ambani-led Reliance Group entities. The probe looked at transactions between May 2017 and March 2018.
RCom is believed to have moved the Delhi High Court, challenging the classification. Hearing the petition, the court directed the banks to maintain status quo and no coercive action till the next date of hearing, which has been set for January 13.
"It is being falsely and mischievously stated in a section of social media that RCOM Group of companies owe Rs 86,188 crore to Indian banks and financial institutions," the Anil Ambani led Reliance Group said in the statement.
"As per figures certified by the Resolution Professional appointed by the lenders, the RCOM group owed around Rs 26,000 crore to Indian banks and financial institutions as on the date of filing before the NCLT," it added. National Company Law Tribunal (NCLT) is the dedicated bankruptcy court where RCom filed for insolvency in 2019, under a debt of Rs 46,000 crore.
The latest allegations came at a time when RCom's resolution is in its final leg.
While UV Asset Reconstruction Co. Ltd. (UVARCL) is poised to pick up RCom and its unit Reliance Telecom's assets – the proposal is pending before the NCLT, Reliance Jio has received the bankruptcy court nod for its plan to take over RCom tower unit Reliance Infratel.
"It is being falsely and mischievously stated in a section of social media that RCOM Group of companies owe Rs 86,188 crore to Indian banks and financial institutions," the Anil Ambani led Reliance Group said in the statement.
"As per figures certified by the Resolution Professional appointed by the lenders, the RCOM group owed around Rs 26,000 crore to Indian banks and financial institutions as on the date of filing before the NCLT," it added. National Company Law Tribunal (NCLT) is the dedicated bankruptcy court where RCom filed for insolvency in 2019, under a debt of Rs 46,000 crore.
The latest allegations came at a time when RCom's resolution is in its final leg.
While UV Asset Reconstruction Co. Ltd. (UVARCL) is poised to pick up RCom and its unit Reliance Telecom's assets – the proposal is pending before the NCLT, Reliance Jio has received the bankruptcy court nod for its plan to take over RCom tower unit Reliance Infratel.
ET Telecom
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