New delhi: Anil Ambani’s Company Reliance Communications, Which Once Held a Prominent Position in the Country’s Telecom Sector, Has Been Given a big blow by the state bank of India (Sbi). The bank has put the company’s loan account in the ‘fraud’ category. After this decision, now sbi is preparation to send a report of the company and its former director anil Ambani to the reserve bank of India (RBI).
The company confirmed this decision in a stock exchange filing on tuesday. According to the report, this decision has been taken in reference to the credit facilitations giving in August 2016. Currently, Reliance Communications is underoging corporate bankruptcy only codera the insolveency (IBC). Is Undergoing Resolution Process (CIRP) and is Awaiting the Final Decision of the National Company Law Tribunal (NCLT).
SBI Issued Show Cause Notices
According to some media reports, SBI Had Issued Show Cause Notices to the Company in December 2023, March 2024 and September 2024. Reliance communications did not complete with the loan terms and made serial irregularities in the information of the accounts.
The bank has cleaned that it has declared this loan account as ‘fraud’ and along with it the report of the persons concerned will also be synt to the rbi, which also includes the name of anil ambhani.
Reliance Communications’ Response
The company said in its response that the credit facility provided by sbi to the period before the commencement of cirp in 2019. Approved, it gets exemption from the liabilitys associateed with prior offenses.
Reliance Communications have also said that these cases should be resolved only under the constitutional resolution plan or liquidation and the company rightly has the legal protection of ibc. Also, the company also said that it is taken legal advice on this issue. Such a case has come before it is worth noting that is not the first time that a bank has termed the account of reliance communications as fraud.
In November 2024, Canara Bank also Took a similar step, but in February 2025, the bombay high court styed that decision, saying that the borrower was not given a Fair opoportunity to behead.
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