reliance communications

CBI has arrested Amitabh Jhunjhunwala, former Group MD of reliance communications, in a Rs 1,200 crore bank loan fraud case. Jhunjhunwala, previously in ED custody, allegedly handled corporate finance and fund utilization, leading to wrongful losses for banks. The case involves alleged misuse of loans sanctioned by SBI and other banks, causing significant financial detriment.

The CBI has filed a new case against Anil Ambani and reliance communications, along with bank officials, following an LIC complaint. Allegations suggest LIC was misled into investing Rs 4,500 crore in Non-Convertible Debentures based on false financial representations. A forensic audit revealed alleged misuse of funds, including siphoning through subsidiaries and fictitious transactions, causing a Rs 3,750 crore loss.

reliance communications, which is reeling under debt of around Rs 45,000 crore, closed it mobile services business in January this year and continues to provide business-to-business (B2B) telecom services.

Loss-making telecom operator reliance communications will shut down voice call service from December 1 and its customers can move to other networks by the end of the year, as per direction issued by telecom regulator Trai on Saturday.

Telecom operator reliance communications will invest about Rs 1,500-2,000 crore in the current fiscal to increase its data business, a top official has said.

Debt-ridden reliance communications (RCom) on Friday reported widening of consolidated loss to Rs 366 crore in the first quarter ended June 30, 2019. The company had posted a loss of Rs 342 crore in the same period a year ago. The loss excludes interest of Rs 1,094 crore and foreign exchange variation of around Rs 33 crore during the reported quarter.

Canara Bank has accused reliance communications, Anil Ambani's bankrupt telecom company, of fraudulently misappropriating a Rs 1,050 crore loan. The bank alleges the funds, intended for capital expenditure and debt repayment, were misused. reliance communications, currently undergoing insolvency proceedings, denies any wrongdoing.

reliance communications (RCom) stock price slide further on Wednesday after two global ratings majors - Moody’s and Fitch - downgraded the company’s ratings for the second time in two weeks.

Telecom minister Kapil Sibal is locked in a fresh row with civil society over allegations by an NGO that he had overruled his officers to bring down a Rs 650 crore penalty on reliance communications for shutting down its rural telephony services to Rs 5 crore.

Lenders to the crippled reliance communications (RCom) on Tuesday moved the NCLT to appoint a new resolution professional and form a committee of creditors - the first step to begin the bankruptcy process of the Anil Ambani group company that owes close to Rs 50,000 crore to 31 lenders led by State Bank of India.

This wing of the Reliance group was incorporated in 2004. It is a Mid Cap company, having a market cap of Rs 8669.95 crore. The company has a customer base of nearly 118 million, which also includes over 2.6 million overseas retail customers. reliance communications boasts of a clientele of nearly 39,000 Indians.

Anil Ambani-headed reliance communications has shortlisted IBM and WiproBSE 1.55 % among five companies each for two contracts worth a combined upto Rs 1,200 crore to upgrade technology across its call centre operations as well as to outsource those back office operations, a top official at the telco said.

reliance communications (RCom) on Sunday said a meeting of the company's committee of creditors is scheduled to be held on Monday.

reliance communications has opposed the telecom regulator's directive asking the company to refund unspent balance of mobile subscribers, in the wake of discontinuation of its voice services.

Days after a government-appointed audit is believed to have found revenues of Anil Ambani's reliance communications to be overstated, accounting regulator ICAI has swung into action and has decided to seek details from department of telecom as well as the auditor.

New Delhi, Jun 3 () Delay in deleveraging plans specially mobile tower sale to reduce debt is keeping financial and credit profile of reliance communications strained, rating firm Moody's Investors Service said in a report. "...

reliance communications, the country’s fourth-largest telecom operator, on Tuesday said it will raise Rs 4,300 crore by selling securities to institutional investors and promoters to trim debt.

reliance communications today said it is in talks with several potential investors for selling its tower unit but a deal can be finalised after clarity on spectrum guidelines.

The Rel Comm stock ended its first day in the sensex deep in the red, at Rs 207, down 6.4% on the day.

New Delhi, Feb 11 () Anil Ambani-led reliance communications today reported consolidated net loss of Rs 531 crore for October-December 2016, mainly due to free 4G services being offered by his elder brother Mukesh Ambani's Reliance Jio.

reliance communications and South Africa's MTN mutually ended tie-up talks after Mukesh Ambani-owned RIL started arbitration proceedings on RCOM.