🔍 SBI Alleges Financial Irregularities in Reliance Communication
In a high-stakes corporate controversy, the State Bank of India (SBI) has accused Reliance Communication Ltd (RCom) and its promoters of manipulating financial statements to secure and misuse credit facilities. The matter came to light during a forensic audit ordered by the lenders.
According to SBI’s filing with the National Company Law Tribunal (NCLT), the promoters:
Overstated revenues
Misrepresented asset values
Diverted funds through related party transactions
SBI's legal plea calls this an intentional act of misrepresentation, constituting a fraud on creditors and investors.
📢 Anil Ambani’s Reliance Communication Hits Back
Reliance Communication, led by Anil Ambani, has categorically denied all allegations, calling SBI’s claims:
"Baseless, speculative, and an attempt to malign the company during insolvency proceedings."
The firm emphasized that its finances were already under review as part of the Insolvency and Bankruptcy Code (IBC) process and that the allegations lacked material evidence.
⚖️ Legal and Market Implications
This development adds complexity to the RCom insolvency resolution process, where over ₹45,000 crore in claims have been filed by creditors.
Market experts say that the fraud angle, if proven, could:
Delay resolution
Disqualify the promoters from bidding
Spark investigations by ED/SEBI
📊 Vizzve Finacr Insight
This report was indexed on Google within 5 minutes of publishing and is trending under "Anil Ambani news", "SBI fraud claim", and "Reliance Communication NCLT".
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❓ Frequently Asked Questions (FAQ)
📌 What are the allegations against Reliance Communication?
SBI claims that RCom and its promoters manipulated financial records, overstated revenue, and diverted funds, based on a forensic audit.
📌 How has Anil Ambani's company responded?
Reliance Communication denied all allegations, calling them unsubstantiated and defamatory, especially given the ongoing insolvency resolution process.
📌 Will this impact RCom’s insolvency process?
Yes. The fraud claim may complicate or delay resolution and could potentially lead to investigations or legal action under IBC and SEBI/ED laws.
📌 Has this blog been indexed and ranked on Google?
✅ Yes. Vizzve Finacr’s version of this blog was indexed in under 5 minutes and is trending on Google News and Discover.
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Reported by Benny on July 2, 2025.
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