Latest news with #AnilD.Ambani
India.com
03-07-2025
- Business
- India.com
After dispute with SBI, Anil Ambani's Reliance Infra and Reliance Power distance themselves from…
Anil Ambani (File) Reliance Infrastructure and Reliance Power on Thursday clarified that the State Bank of India's decision to classify Reliance Communications' loan account as fraudulent will have no impact on their business operations or financial performance. In separate filings to the stock exchanges, both companies stated that the development does not affect their shareholders, employees, or any other stakeholders. Reliance Infra, Reliance Power Distance From RComm 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 Tag RComm Account As 'fraud' 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. In the filing, Reliance Communications said that it has received a letter dated June 23, 2025, from the State Bank of India (SBI) to this effect. 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)
India.com
03-07-2025
- Business
- India.com
Bad news for Anil Ambani, these company shares fell by…, after fraud tag by India's largest govt bank…
Shares of Reliance Power and Reliance Infrastructure dropped on Thursday after the State Bank of India (SBI) declared the loan account of Reliance Communications (RCom) as fraudulent and named former director Anil Ambani in the case, according to the Times of India. 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)
The Hindu
02-07-2025
- Business
- The Hindu
SBI classifies RCom loan account as fraud, reports director Anil Ambani to RBI
In a major setback for Reliance Group chairman Anil D. Ambani, the State Bank of India (SBI) has decided to go after him by classifying its loan account of Reliance Communications Ltd. (RCom) as fraud. The country's largest public sector lender has also decided to report Mr. Ambani, the erstwhile director of RCom, to the Reserve Bank of India (RBI) seeking appropriate action as per the central bank's guidelines. The move follows a forensic audit by the bank and exchange of show-cause notices and responses spanning over a year. SBI, in a letter to RCom, intimated that its Fraud Identification Committee (FIC) had decided to classify the account as fraudulent and it had escalated the matter to the banking regulator for necessary action. The FIC's report has mentioned about significant irregularities, including fund diversion and violations of the terms and conditions of the loan. SBI's action is in line with the RBI's Master Direction on Frauds, which provides a framework to deal with entities involved in gaming the banking system. Mr. Ambani is expected to face regulatory and legal action including civil and criminal proceedings and the case might be handed over to the Central Bureau of Investigation (CBI) for further investigation. RCom, which had turned a non-performing asset (NPA), was admitted to the IBC process in May 2018, and as of March 2025, had a total debt of ₹48,216 crore. Under Section 32 A of the IBC, the company is protected from any action but its promoter faces liability and criminal proceedings. SBI's FIC on June 13, 2025 identified a consistent pattern of financial misconduct and found that RCom and its subsidiaries were engaged in found diversion and opeque transactions. The forensic audit had revealed large scale diversion of the bank's funds which were channelled through related entities, temporarily parked in mutual funds and fixed deposits and cycled via o tea day transactions. Mr. Ambani's lawyers have denied the allegations. His counsel, in response to SBI's letter to RCom said, 'State Bank of India's order referred in the RCom disclosure is shocking and has been passed ex-parte, and in violation of the principles of natural justice.' 'SBI's order is in direct contravention of various judgments of the Hon'ble Supreme Court and the Hon'ble Bombay High Court, as well as RBI guidelines,' he said. 'SBI has not even responded to Mr. Ambani's communication about the invalidity of the Show Cause Notice (SCN) for almost a year, and has not even provided the information forming the basis of their decision despite being repeatedly requested by Mr. Ambani, to enable him to respond to the SCN,' he said. 'SBI has also not allowed Mr. Ambani an opportunity of personal hearing to make submissions against its allegations,' he added. 'SBI has withdrawn the show-cause notice to other non-executive and independent directors of RCom. Mr. Ambani was also a non-executive director and not involved in the day-to-day affairs of RCOM, and has been wrongly so categorised,' he further said. Mr. Ambani is pursuing the matter as legally advised, he added.
Time of India
18-06-2025
- Business
- Time of India
Reliance Infra shares hit 5% upper circuit after Dassault jet deal; First Falcon 2000 delivery in 2028
Shares of Anil Ambani-led Reliance Infrastructure surged 5% to hit the upper circuit at Rs 386 on the BSE on Wednesday after the company announced a major aviation partnership. Its subsidiary, Reliance Aerostructure Limited , has joined hands with French aerospace giant Dassault Aviation to manufacture Falcon 2000 business jets in India. This marks the first time Dassault will assemble its Falcon aircraft outside France. With this move, India joins an exclusive group of countries—including the United States, France, Canada, and Brazil—that produce business jets for global markets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The first 'Made in India' Falcon 2000 is expected to take flight by 2028, catering to both corporate and military segments. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Also Read: 8 debt-free penny stocks that surged 110-300% in the last 1 year. Do you own any? The announcement was made at the Paris Air Show and includes plans to establish a final assembly line at Dassault Reliance Aerospace Limited (DRAL) in Nagpur, Maharashtra. This facility will serve as a global centre of excellence for the Falcon series and is expected to support future assembly programs for the Falcon 6X and 8X as well. Live Events Anil D. Ambani, Founder Chairman, Reliance Group and Eric Trappier, Chairman and CEO, Dassault Aviation both reiterated the new agreement shows the French giant's intent to meet its 'Make in India' commitments. "This collaboration is a powerful expression of our commitment to Prime Minister Shri Narendra Modi's vision of 'Atmanirbhar Bharat' and 'Make in India for the World',' Ambani added. 'It marks the ramp-up of DRAL, in line with the strategic vision shared with our partner Reliance,' said Trappier. The partnership includes the transfer of key production processes to DRAL, such as assembly of the Falcon 2000 fuselage, wings, and front section, along with front fuselage work for the Falcon 8X and Falcon 6X. Dassault also plans facility upgrades to support these advanced assembly lines. DRAL, a joint venture formed in 2017, has already delivered over 100 major Falcon 2000 sub-sections from its Mihan facility in Nagpur. The new assembly line will significantly scale up its capabilities and require the recruitment of several hundred engineers and technicians over the next decade. Just last week, Reliance Defence, another subsidiary of Reliance Infrastructure, had inked a Rs 10,000 crore agreement with Germany's Diehl Defence. The partnership will focus on the local production of the Vulcano 155mm precision-guided munition system—an advanced artillery shell designed for long-range, high-accuracy strikes. Also Read: Street favourites! Analysts see these 10 smallcap stocks rallying 20-80% In a separate development, Reliance Infrastructure also announced the allotment of 1.25 crore fully paid-up equity shares at Rs 240 per share, amounting to Rs 300 crore. This includes a premium of Rs 230 per share and is part of an accelerated warrant conversion process. The capital was raised by exercising warrants, with the remaining 75% of the issue price now fully paid. This is part of a preferential issue of 12.56 crore warrants worth Rs 3,014.40 crore announced in October 2024, under SEBI (ICDR) Regulations. The company stated that 1.25 crore shares have been issued to Risee Infinity Private Limited, a promoter group entity. The capital infusion is expected to enhance the company's financial flexibility and support its long-term growth plans. Reliance Infrastructure said the fresh funds will enable it to capitalise on emerging opportunities and drive sustained value creation.
Time of India
18-06-2025
- Business
- Time of India
Reliance Infra's arm partners with Dassault aviation to manufacture Falcon 2000 in India; first delivery expected in 2028
Anil Ambani-owned Reliance Infrastructure on Wednesday announced that French aircraft manufacturer Dassault Aviation and Reliance Aerostructure Limited have joined forces to manufacture Falcon 2000 business jets in India. This marks the first time Dassault will assemble its Falcon aircraft outside France. India now joins an exclusive group of countries, featuring United States, France, Canada, and Brazil, that manufacture business jets for global markets. The first ' Made in India ' Falcon 2000 jet is scheduled to take flight by 2028, catering to both corporate and military users. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 23.7% Returns in last 5 years with Shriram Life's ULIP Shriram Life Insurance Undo Reliance Infra shares were trading at Rs 386.05 apiece on the BSE, up 5 per cent on Wednesday. The announcement was made at the Paris Air Show and includes plans to establish a final assembly line at Dassault Reliance Aerospace Limited (DRAL) in Nagpur, Maharashtra. The facility will become a global center of excellence for the Falcon series, including future assembly programs for the Falcon 6X and Falcon 8X jets. Live Events Also Read: Reliance and Diehl sign ₹10,000 crore defence pact to manufacture Vulcano precision ammunition in India Anil D. Ambani, Founder Chairman, Reliance Group and Eric Trappier, Chairman and CEO, Dassault Aviation both reiterated the new agreement shows the French giant's intent to meet its 'Make in India' commitments. "This collaboration is a powerful expression of our commitment to Prime Minister Shri Narendra Modi's vision of 'Atmanirbhar Bharat' and 'Make in India for the World',' Ambani added. 'It marks the ramp-up of DRAL, in line with the strategic vision shared with our partner Reliance,' said Trappier. The partnership includes the transfer of key production processes to DRAL, such as assembly of the Falcon 2000 fuselage, wings, and front section, along with front fuselage work for the Falcon 8X and Falcon 6X. Dassault also plans facility upgrades to support these advanced assembly lines. DRAL, a joint venture formed in 2017, has already delivered over 100 major Falcon 2000 sub-sections from its Mihan facility in Nagpur. The new assembly line will significantly scale up its capabilities and require the recruitment of several hundred engineers and technicians over the next decade. Just last week, Reliance Defence , another subsidiary of Reliance Infrastructure, had inked a Rs 10,000 crore agreement with Germany's Diehl Defence. The partnership will focus on the local production of the Vulcano 155mm precision-guided munition system—an advanced artillery shell designed for long-range, high-accuracy strikes.
