Reliance Communications Limited has informed the Exchange about Letter received from State Bank of India (SBI) intimation in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
RCOM · price
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Awaiting price reaction for this filing.
Reliance Communications (RCOM) has disclosed that State Bank of India (SBI) has decided to classify the company's loan account as 'fraud' and report the name of erstwhile director Shri Anil Dhirajlal Ambani to the RBI. The decision follows SBI's Fraud Identification Committee meeting on June 13, 2025, based on alleged misutilisation of bank loans totalling around Rs 6,265 crore, including routing funds to subsidiaries and connected parties, and creation of fictitious debtors. RCOM notes that the loans in question pertain to the period before its Corporate Insolvency Resolution Process (CIRP), which began in June 2019, and that a resolution plan has already been approved by the Committee of Creditors and is awaiting NCLT approval. The company argues that protections under Section 14 (moratorium) and Section 32A (immunity from pre-CIRP liabilities) of the Insolvency and Bankruptcy Code shield it from any impact from this classification.
For existing shareholders, the company states this fraud classification will have no material impact because RCOM is already under CIRP and resolution plan protections shield it from pre-insolvency liabilities. However, this adds another negative headline around the Anil Ambani-named group company and could weigh on sentiment. The actual financial outcome for shareholders remains tied to NCLT approval of the resolution plan, not this SBI classification.