Tuesday, January 26, 2021
Home Business News Banks mark Reliance Communications' account as fraud - Times of India

Banks mark Reliance Communications’ account as fraud – Times of India


MUMBAI: State Bank of India (SBI), Union Bank of India (UBI) and Indian Overseas Bank (IOB) have marked Reliance Communications‘ (RCom’s) account as fraud, according to banking sources.
In addition to that, the SBI and the UBI have also marked Reliance Telecom Ltd (RTL) account as fraud. RTL is a 100 per cent subsidiary of RCom.
Another RCom subsidiary, Reliance Infratel Ltd’s account has also been marked as fraud by the SBI.
The latest move by the banks comes a couple of weeks after the NCLT Mumbai gave its approval to Reliance Infratel’s resolution plan.
Reliance Jio’s group company Reliance Digital Platform is the successful Resolution Applicant for Reliance Infratel Ltd.
The lenders will get Rs 4,400 crore from Reliance Digital. Reliance Infratel has 43,000 towers and 172,000 km fibre network. The resolution plan of RCom and RTL is pending for an approval before the NCLT Mumbai.
The lenders will recover around Rs 18,000 crore from the sale of these two companies to the UV Asset Reconstruction Company, who is the successful resolution applicant.



Source link

Avatar
Sahilhttp://digitalguruji.org
In this blog our main motive is to provide you all kind of latest information about technology, politics, sports, and health. If you want to read this information then you should have to visit our website. This information will help you to increase your knowledge.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Perfume hacks to make the fragrance last longer

Do you know there is a right and wrong way to apply your fragrance? Source link

TikTok, WeChat, Baidu and UC Browser among 59 Chinese apps permanently banned in India – Times of India

NEW DELHI: In a sweeping move that may lead to legal challenges and further acrimony between India and China in the digital space,...

No major economy has grown 10% without opening up of market; India should cut tariffs: Panagariya – Times of India

NEW DELHI: No major economy has grown 8-10 per cent without opening up of market, and India should bring down tariff on industrial...

Weight loss story: “I follow a variation of Intermittent fasting which doesn’t allow snacking” | The Times of India

For working professional Rochit Mehrotra, weight gain meant battling a lot of negativity and losing out on confidence. Over the years, problems got...

Recent Comments