Bad news for Anil Ambani, these company shares fell by…, after fraud tag by India's largest govt bank…
Reliance Power fell 4.8% to Rs 64.75, while Reliance Infrastructure hit the 5% lower circuit at Rs 377.45 on the BSE. Anil Ambani's Response To SBI
Reliance Infrastructure and Reliance Power on Thursday said that State Bank of India's move to classify the loan account of Reliance Communications as fraud has no impact on their business operations and financial performance.
The development also has no impact on their shareholders, employees, or any other stakeholders, the two Reliance group companies stated in separate exchange filings.
The companies said they are separate and independent listed entities with no business or financial linkage to Reliance Communications.
Further, Anil D. Ambani is not on the Board of Reliance Infrastructure and Reliance Power.
Accordingly, any action taken in relation to Reliance Communications has no bearing or impact on the governance, management, or operations, RInfra and RPower said. SBI On Reliance Communications
Public lender State Bank of India has decided to classify the loan account of beleaguered telecom firm Reliance Communications as 'fraud' and to report the name of its erstwhile director — Anil Ambani to the Reserve Bank of India (RBI), an exchange filing on Wednesday.
According to the filing, Reliance Communications and its subsidiaries received a total loan of Rs 31,580 crore from banks.
The Fraud Identification Committee of the bank has found deviations in utilisation of the loans.
The letter marked to Reliance Communications and its erstwhile director Anil Ambani stated that SBI has decided to report the loan account of the company as 'fraud' and to report the name of Anil Ambani to the RBI, as per the extant RBI guidelines, the filing said.
(With Inputs From PTI)
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