After the State Bank of India, Bank of India has classified the loan account of insolvent Reliance Communications as fraudulent and named its former director, tycoon Anil Ambani, citing alleged fund diversion in 2016, according to a regulatory filing. State-owned Bank of India granted a Rs 700 crore loan in August 2016 to Reliance Communications for its ongoing capital and operational expenditure and repayment of existing liabilities.
An Enforcement Case Information Report (ECIR), the ED's equivalent for a police FIR, has recently been filed by the federal probe agency, taking cognisance of a CBI complaint registered on August 21, the sources said.
The much-touted deal between Anil Ambani group company RCOM and South African telecom giant MTN was called off on Friday. "The two sides were unable to conclude the transaction due to certain regulatory issues," RCOM spokesperson said in statement on Friday night.
Reliance Group Chairman Anil Ambani on Tuesday appeared before the Enforcement Directorate here for questioning in a money laundering case linked to alleged multiple bank loan fraud cases worth crores of rupees against his group companies, official sources said.
The Enforcement Directorate has summoned Reliance Group Chairman Anil Ambani for questioning in a money laundering case linked to alleged bank loan fraud.
The government has raised over Rs 38,300 crore (Rs 383 billion) from the 16-day long auction for Broadband Wireless Access spectrum, which closed on Friday.
RCom's stock opened the day on a positive note and further gained 3.74 per cent to Rs 143.90 on the BSE.
RCom, which launched its nationwide GSM services in January last year, currently offers telephony services on both the GSM and CDMA platforms.
RComm has decided to raise the retirement age of its employees from 58 to 65 years. This move is seen as part of its expansion plan and difficulty of recruiting sufficient staff.
Reacting sharply to Bharti Airtel's offer to pay Rs 2,650 crore (Rs 26.50 billion) for all-India spectrum, Anil Ambani-led Reliance Communications on Monday said said the GSM operator was trying to prevent competition. "This is another ploy of Bharti to prevent competition. It shows their (Bharti's) anti-consumer and anti-competitive behaviour," an RCom spokesperson said.
US and European institutional investors bought a majority of shares in the over Rs 4,800 crore (Rs 48 billion) QIP offering by telecom operator Reliance Communications.
In a meeting on Thursday evening, the RCom management, led by CEO Punit Garg, requested the bank representatives to release Rs 260 crore it received as I-T refund so that it could repay the dues to Ericsson.
Deal to help RCom reduce debt, Sun gain subscribers in new markets
It is believed that apart from Bharti Airtel and Bharti Infratel, there are four players that have made a bid.
Bharti Airtel on Thursday submitted its bid for 3G spectrum, auction for which starts from April 9.
The telecom industry is moving towards a five-plus one model.
India's third largest network service provider, Reliance Communications (RCom), is close to signing an agreement with US-based GetJar to launch its own application store (app store, software modules to run specific tasks on own mobiles), sources said.
The company will use the proceeds to part-repay its debt, which stands at Rs 34,000 crore (Rs 340 billion) even after the recent qualified institutional placement of its shares. An RCom board committee recently approved the sale of these assets.
A liberalised spectrum allows operators to use any technology to deliver services like 3G and 4G.
Anil Ambani had given a personal guarantee to the loans given by SBI to Reliance Communications and Reliance Infratel in August 2016.
With the State Bank of India moving the National Company Law Tribunal's Delhi bench to enforce the personal guarantees of Ambani, it will delay the recovery of dues by the Chinese banks which won a UK court order in May this year.
The three companies for sale are Reliance Communications, Reliance Telecom and Reliance Infratel.
The Delhi high court on Monday sought the Centre and SBI's reply to former RCom chairman Anil Ambani's plea to include the Chinese banks, which have got a decree of $717 million against him from a court in United Kingdom, in the proceedings related to recovery of Rs 1200 crore loan granted to two of his companies. The high court also said that the moratorium on recoveries from sale of Ambani's assets, as provided under section 96 of the Insolvency and Bankruptcy Code (IBC), would remain in operation for now. This direction came on the application moved by the State Bank of India (SBI) seeking a declaration that the moratorium shall continue to be in effect.
The country's wireless subscriber base fell to 87.05 crore at the end of September, registering the first drop in five months, after Reliance Communications deactivated services of over 1 crore "unprofitable" users.
Observing there was a 'wilful default', the Supreme Court last month held Ambani guilty of contempt of court and ordered the debt-laden company to clear the dues to Ericsson.
Tata Teleservices spokesperson confirmed the development, and said: "We have written to theDoT seeking clarity on the issue."
The telecom major has paid over $ 103 million to get the rights for eight years, which include two World Cups, the 20-20 World Cup and the Championship Trophy.
The Anil Dhirubhai Ambani Group company Reliance Communications, which is in the process of bidding for Hutch-Essar, is planning to list its undersea cable business unit Flag Telecom in London to raise over $500 million.
In what is in effect a deposit to be paid into court pending a full trial in the case, Judge David Waksman has set a six-week timeline for Anil to pay $100 million to three Chinese banks as he concluded that he did not accept Ambani's defence that his net worth was nearly zero or that his family would not step in to assist him when "push came to shove".
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
Need for much more investment; sector would like govt help
Ford said it had also shut its plant, with an annual capacity of 340,000 engines and 200,000 vehicles.
Bank of America Merrill Lynch and JP Morgan are bankers for the bonds
This puts an end to Facebook's Free Basics and Airtel's zero rating plans in India.
Over 1,42,000 people have been rescued from the flood-ravaged parts of Jammu and Kashmir so far, as the relief operations launched by the Armed forces entered the 12th day on Saturday.
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