Reliance Communications (RCOM) — Announcement

Reliance Communications Limited (RCOM) faces regulatory scrutiny as Punjab National Bank (PNB) has classified a loan to its subsidiary Reliance Telecom Limited (RTL) as fraudulent, citing misappropriation of INR 1,110.50 crores through fictitious debtors and related entities. The classification, made under Section 32A of the Insolvency and Bankruptcy Code, shields RCOM and RTL from pre-CIRP liabilities if a resolution plan is approved. Former director Grace Thomas and other non-executive directors are named in the fraud allegation, though they assert lack of involvement and challenge the notice on procedural grounds. The matter is sub-judice, with ongoing legal challenges questioning the validity of the fraud classification and regulatory reporting requirements.

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About Reliance Communications Limited (RCOM)

Telecommunication · Telecom-Service · Listed on NSE

Market Cap: ₹224.01 Cr ROE: 10.3% ROCE: -0.1%

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