Upon declaring an account as fraud, banks are required to make provisions for 100 per cent of the outstanding loan amount, as per Reserve Bank of India guidelines. PNB had Rs 80 crore of exposure to the Anil Ambani-led Reliance Group company as of July 3 last year.
Amid rising speculations around RCom's final fate, UVARCL has generated a lot of interest in industry and media circles.
Yes Bank, which faced a crisis in March this year on account of bad debts, has substantial loans due from the Anil Ambani group, to which it had an exposure of close to Rs 12,000 crore. In the last two decades, the Anil Ambani group expanded aggressively in new businesses raising high levels of debt.
The public sector lender had approached the Mumbai-bench of the National Company Law Tribunal (NCLT) under Section 97(3) of the Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP) to assess and submit a report on the assets owned by Ambani.
Promoters holding in the company has reduced to 14.70% after lenders invoked pledge on shares of the company.
On May 22, a UK court ordered Ambani to pay $717 million (Rs 5,448 crore) to three Chinese banks within 21 days, after ruling that a personal guarantee which the Indian businessman had disputed was binding.
Last week, SBI had moved the insolvency court to recover more than Rs 1,200 crore from Ambani under the personal guarantee clause of the bankruptcy law.
Anil Ambani had given personal guarantee to the loans given to RCom & Reliance Infratel.
According to legal sources, the telecom regulator has filed an application for RCom and Reliance Telecom seeking that provision be made in resolution plan that post paid subscribers get back their unspent money and deposits . Axis Bank also raised a question on its guarantees but both these matters will be heard on August 19 by NCLT.
The Anil Ambani-led Reliance Group is looking to sell assets to pay off lenders.
The National Company Law Tribunal (NCLT) will decide on August 5 if UV Asset Resolution Co Ltd (UVARCL) and Reliance Jio Infocomm (Jio) are the buyers of RCom’s assets . The two firms have been overwhelmingly voted in favour of the resolution plans submitted by UVARCL and Jio by RCom’s lenders .
Reliance Comm liable to pay SSTL AGR dues, DoT identifies combined liability worth more than Rs 25k cr
In February 2019, RCom filed for insolvency. Under the proceedings, the DoT has claimed nearly Rs 30,000 crore in dues from RCom, of which over Rs 21,000 crore has been verified by the resolution professional.
A comparison of shareholding data for June and March quarters showed retail investors increased stakes in 16 companies in the first half of Calendar 2020.
SBI moved the NCLT under Section 97(3) of Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP). The bank is aiming to recover a sizeable amount from the personal guarantees made by Anil Ambani on loans to Reliance Communications, said a bank official.
A UK court on Friday directed Reliance Group chairman Anil Ambani to pay nearly USD 717 million to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement within 21 days. At a remotely held hearing, in line with procedures in place for the COVID-19 pandemic, Justice Nigel Teare ruled at the Commercial Division of the High Court of England and Wales in London that a personal guarantee disputed by Ambani is binding on him.London court orders Anil Ambani to pay USD 717 million to Chinese banks
UK court orders Anil Ambani to pay $717 million (Rs 5,448 crore) to 3 Chinese banks in 21 days.
Analysts have advised investors to adopt caution on these counters despite ongoing momentum.
Charge filings with the Ministry of Corporate Affairs, compiled by data intelligence provider Propstack, show that ICBC and CDB have not disbursed any large-ticket term loan in India since 2018.
Anil Ambani has reached the Enforcement Directorate office in order to answer some tough questions in connection with the YES Bank moratorium. Initially, he tried to evade the ED summons citing various reasons. Times Now's Herman Gomes brings latest details. Listen in!YES Bank Crisis: Anil Ambani reaches ED office for questioning
Reliance Group Chairman Anil Ambani appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said.
According to officials, Anil Ambani has been asked to depose at ED's office in Mumbai on Monday as his group companies are one among the big entities whose loans went bad after borrowing from the crisis-hit bank. Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPA.
“It is clear that Ambani is not a titular chairman and is involved in running the company," a UK Court said.
"The value of my investments has collapsed. I don't hold assets which can be liquidated,” Ambani said.
Anil Ambani has seen his fortune dwindle over recent years, losing his billionaire status.
Mrs Ambani took to Instagram to share throwback pictures with the couple.
A company disclosure to bourses said that the brothers ceased to be on the board from January 31, but did not reveal any reason or if they will play any active role in the company. Shares of the company declined 5% on the BSE on Monday, to Rs 19.85. A company spokesperson declined to comment on the reason behind the exit, stating, “the management has not shared any reason with us.”
Rishi Kapoor cremated in the presence of family, Alia, Anil Ambani; kin recall actor’s love for ‘friends, food & films’ in final months
The family in a statement said he “remained jovial and determined to live.”
The bids have offered very little upfront cash or are unworkable in the current form, said bankers.
Mrs Ambani urged people to enjoy time with their families, even if it is virtually.
The development follows RCom's consolidated loss of Rs 30,142 crore for the second quarter, released on Friday.
The CEO of the private lender said the priority is also to get deposits back in the system.
Ambani will get his day in an English court to prove his lack of awareness. The bar is high, though.
The lawsuit was filed by Chinese banks which argue that they provided a loan of $925 mn to RCom.
The lawsuit was filed by Chinese banks which argue that they provided a loan of $925 mn to RCom.
Reliance Capital, on the NSE, closed the counter at Rs 6.6, higher 4.76 per cent.
RCom's September quarter numbers marked the second highest loss posted by any Indian corporate till date.
Here’s who bought and sold what in some of the key bulk deals of the day.
Axis Trustee Services further sold 88,27,483 shares of Reliance Capital at Rs 4.50 each.
Three banks agreed to loan Ambani’s RCom money in 2012, which he has since defaulted on.
The private sector lender said that it had a combined exposure to three debt-laden companies: Zee, DHFL and Anil Ambani led Reliance of about Rs.2100 crore or 1.1 percent of the loan book.
At the AGM, a shareholder threatened to file class action suit against the group companies.
Addressing the shareholders at the AGM, chairman Anil Ambani also said the group's defence businesses will also follow an asset- and capital-light model.
Anil Ambani's Reliance Group is planning to pay creditors Rs 150 billion more by March.
Ambani said his NBFC suffered collateral damage due to a combination of factors.
Jet Airways promoter Naresh Goyal excused himself saying he had to attend to an ailing relative, according to the people, and ADAG chairman Anil Ambani said “prior commitments” prevented him from appearing on Monday.
Three Chinese lenders had taken RCom chairman to court for allegedly failing to clear $680m dues
The statement further claimed that "the Zee group has never made any transactions with Rana Kapoor (Yes Bank co-founder and the past MD who is now in ED custody) or his family or for that matter any private entities controlled by them and that "all credit facilities availed were fully secured".
Kapoor, the former MD and CEO of Yes Bank, was arrested by the agency on March 8 under provisions of the PMLA (Prevention of Money Laundering Act) as he was allegedly not cooperating in the probe related to the crisis at bank he co- founded after the RBI placed its under a moratorium.
Reliance Group along side Subhash Chandra's Essel Group were among the large borrowers that Finance Minister Nirmala Sitharaman had named after Yes Bank's board was superseded by the Reserve Bank of India (RBI) and withdrawal restrictions placed.
ADAG further said its entire exposure to YES Bank is fully secured.
The S&P BSE Sensex Index has declined 15% since setting a record high in January.
The talks for selling Reliance General Insurance ended after Hero FinCorp struggled to raise funds.
“RCom in accordance with the stipulations contained in Regulation 30 of the SEBI ....hereby informs ...that resolution professional of RCom has duly filed the resolution plan as approved by the CoC with the... NCLT, Mumbai Bench on March 6, 2020 in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016,” said the company.
Any court ruling favouring the banks would deal another blow to the tycoon’s stressed empire.
That’s the longest winning streak since the company’s trading debut in 2009.
Interestingly, in 2008 when Anil was ranked sixth among the world’s richest, Mukesh, with a net worth of $43 billion, was at the fifth position.
Anil Ambani has resigned as director of Reliance Communications, the debt-ridden company said in a filing on Saturday. According to the filing, Ambani along with Chhaya Virani, Ryna Karani, Manjari Kacker, Suresh Rangachar have resigned as directors of RCom. "Your good office may also note that Shri Manikantan V., has also tendered his resignation as a director and Chief Financial Officer of the Company earlier. The aforementioned resignations shall be put up to the committee of creditors of the Company for their consideration," the filing added.Anil Ambani quits as Reliance Communications director a day after dismal Q2 numbers
It also found that loans it had been probing have all been repaid.
Reliance Group chief expects new govt and RBI to provide support in the form of immediate liquidity window.
RInfra reported 18% rise in its consolidated net profit to Rs 345.51 for Q3.
Reliance Infra's total expenses increased to Rs 4,888.79 crore, as against Rs 4,772.46 crore a year ago.
The moves come as India is battling $130 bn of bad debt that has sparked bankruptcies at some companies.
HSBC Daisy and others had moved a contempt plea in the appellate tribunal, alleging that Reliance Infratel had not paid up about Rs 230 crore as mandated by the NCLAT.
Government issues show-cause notice to Reliance Naval after encashing all bank guarantees in patrol vessel contract
In fresh punitive action against the Anil Ambani-promoted Reliance Naval and Engineering Limited (R-Naval) for its failure to deliver five naval offshore patrol vessels (NOPVs) under a Rs 2,500 crore deal, the government has issued a show-cause notice to the debt-ridden company and encashed all its different bank guarantees worth around Rs 980 crore.
Anil Ambani-led Reliance Group's private equity arm had invested $12 million in Square Yards in November 2016.
Dressed to impress: Karisma Kapoor, Supriya Sule, Ambanis slay in yellow & red hues at Armaan Jain’s pre-wedding bash
Reema Jain's son, Armaan, is all set to get hitched to Anissa Malhotra.
Reliance Infratel, against which also the contempt petition has been filed, is part of RCom.
Both Anmol and Anshul have been actively involved in all operations of RInfra.
The 700,000 sq ft Reliance Centre in Santacruz could fetch as much as Rs 1,500-2,000 crore.
The stock is one of the biggest wealth destroyers in the last one year, down 93 per cent.
While the SC had on Jan 7 this year directed Ambani to appear in the contempt case filed by Ericsson, the order that was uploaded on the court’s website stated that he was not required to show up.
The AGMs of five of the Reliance Group companies were held back-to-back on Monday.
Says over Rs 60,000 cr receivables are stuck in regulatory and arbitration matters.
State-owned China Development Bank was the biggest creditor to the indebted telecom firm.
The talks between billionaire Gautam Adani-led group and Anil Ambani-led Reliance Power are at an early stage, the persons cited earlier told ET.
The forensic auditor found “anomalies” in the credit appraisal process of the home financier and noted that more than 80% of disbursals comprised corporate loans to a group of 47 borrowers that shared these common characteristics, according to these people. This included similar registered addresses, common directors and key management personnel.
Lenders of the company had appointed Grant Thornton for the audit, as required under the RBI guidelines.
Reliance Infrastructure will use 100 per cent of the proceeds from the sale to pay lenders .
Anil Ambani talks about his plans of monetising assets to reduce debt and his focus on capital-light businesses.
Jagran Prakashan-owned Music Broadcast is set to acquire Big FM for close to Rs 1,200 crore.
Reliance Communications' committee of creditors (CoC) will hold a meeting on Wednesday, the company said in a regulatory filing on Tuesday.
Anil Ambani's Reliance Group has decided to withdraw the Rs 5,000-crore civil defamation suits filed in an Ahmedabad court against Congress leaders and National Herald newspaper over their statements and an article on the controversial Rafale fighter jet deal.Rafale deal: Anil Ambani to withdraw defamation suits against Cong, Herald
The defamation suits were filed against the National Herald's editor Zafar Agha, and Vishwadeepak, the author of a news article published by it.
Reliance Naval said it is facing an acute cash-flow crunch after orders dried up amid efforts to restructure debt.
The Supreme Court had directed DoT to approve RCom’s pact to sell spectrum to Jio after a Rs 1,400 crore guarantee.
Swedish telecom company Ericsson rejected the industrialist's plea of fund crunch as an excuse claiming that his group had made enough profit to invest in the Rafale deal.
Banks wrote off $39 billion loans in 18 months as they battled the world’s worst bad debt pile.
The proceeds will be used to expand capacity and refinance loans taken to fund the acquisitions.
Feeling warm inside the packed court room, Ambani asked why the air conditioning wasn’t on, only to be told he won't have his wish.
With this, RCom, which owes over Rs 50,000 crore to banks, has become the first Anil Ambani group company to be officially declared bankrupt.
In absolute terms, LIC’s NPAs stood at Rs 24,777 crore on March 31, out of a total debt of Rs 4 lakh crore.
RCom's committee of creditors will have to approve a new RP with a 66 percent vote after the NCLT starts the insolvency process.
Zee and Dish TV have their promoter pledging 66.2 percent and 94.6 percent of the ownership pledged.
L&T Finance, Edelweiss refute allegations, say had no option but to sell pledged shares.
The company told exchanges on April 27 that it only has short-term debt of Rs 950 crore.
Banks have decided to shortlist a resolution professional from a field of 15 players after NCLAT allowed resumption of insolvency resolution action against RCom.
Reports have just revealed a coming trial that could be the beleaguered businessman's most bitter harvest yet.
The company owes Rs 91.78 crore, includes both principal and the interest, to 19,964 retail bondholders but is unable to pay because of a restraint placed by the lenders as it is undergoing is a bank-led resolution process.
"A global settlement was reached between the French tax authorities and Reliance Flag in a tax dispute pertaining to the period 2008-2012," the French embassy said.
The Anil Ambani company has not been servicing its Rs 9,000 cr of debt for several months now.