Banks mark RComm account as fraud, ‘unjustified and unwarranted’, says Reliance Group

On 29 December, three state-run lenders, State Bank of India (SBI), Union Bank of India (UBI) and Indian Overseas Bank (IOB) classified accounts of the Anil Ambani owned Reliance Communication Ltd (RCom) and its two units Reliance Telecom Ltd (RTel) and Reliance Infratel Ltd (RInfra) as fraudulent.

Additionally, the SBI and the UBI have also marked Reliance Telecom Ltd account as fraud.

The Delhi High Court has also suggested that the union government is free to investigate or file any complaint proceedings against RCom and RTel. The resolution professional for RCom has accepted claims worth Rs 49,224 crore from 53 creditors, including banks, non-banking finance companies (NBFCs) and mutual funds (MFs), the Economic Times reported.

Today, Reliance Group in a statement has said that certain banks labelling accounts of the now defunct  telecom firm – Reliance Communications (Rcom) – and its units as fraud was “unjustified” and “unwarranted”.

It also denied the reports on social media that RCom and its units owe lenders Rs 86,188 crore, saying they owe around Rs 26,000 crore to Indian banks and financial institutions as on the date of filing before the dedicated bankruptcy court.

On Wednesday, Reliance Group in a statement said, “The alleged ‘fraud’ classification by certain banks is entirely unjustified and unwarranted, and the Delhi High Court by an interim order has directed the same to be kept in abeyance for the time being, and the matter is now sub judice.”

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