NCLT to hear SBI’s plea to withdraw Reliance Infratel’s fraud tag on July 5
June 10, 2021
The tribunal had sought SBI to produce further evidence and data. The National Company Law Tribunal’s (NCLT) Mumbai bench will hear State Bank of India’s request to withdraw a “fraudulent” tag it sought for Reliance Infratel Ltd (RITL) on July 5.
On the next hearing date, the tribunal has also asked the country’s largest lender to produce further evidence and data.
In a volte-face, the country’s largest lender on Wednesday moved the tribunal seeking to withdraw the fraud tag on RITL, following an internal forensic audit by SBI that allegedly found questionable transactions worth ₹5,500 crore. The alleged transactions were found in the accounts of three Anil Ambani three firms - Reliance Communications and its subsidiaries Reliance Telecom and RITL.
SBI to withdraw fraud tag on Rel Infratel Ltd
By IANS |
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Mumbai/Delhi, June 9 : In a strange turn of events, the State Bank of India (SBI) on Wednesday chose to withdraw the fraud tag against RComs tower and fibre company Reliance Infratel Ltd by filing an affidavit in NCLT Mumbai, stating that it wanted to remove the fraud tag on the company.
Reliance Projects and Property Management Services, a part of Reliance Industries Group, was the successful resolution partner in the CIRP (Corporate Insolvency Resolution Process) of Rel Infratel Ltd. It won the right to acquire 100 per cent shareholding of Rel Infratel Ltd.
SBI to withdraw fraud tag on Reliance Infratel
Freepik
In a strange turn of events, the State Bank of India (SBI) on Wednesday chose to withdraw the fraud tag against RComs tower and fibre company Reliance Infratel Ltd by filing an affidavit in NCLT Mumbai, stating that it wanted to remove the fraud tag on the company.
Reliance Projects and Property Management Services, a part of Reliance Industries Group, was the successful resolution partner in the CIRP (Corporate Insolvency Resolution Process) of Rel Infratel Ltd. It won the right to acquire 100 per cent shareholding of Rel Infratel Ltd.
In its resolution order dated December 3, 2020, the NCLT had awarded the company to RIL Group. However, SBI had classified the Rel Infratel Ltd account as fraud on November 10, 2020, but curiously withheld this vital piece of information before the NCLT when it gave its order.
RIL s FY21 Annual Report shows improved quality of earnings
By IANS |
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New Delhi, June 6 : RIL s FY21 Annual Report showed improved quality of earnings, elevated capex, cashflows impacted by repayment of interest-bearing liabilities and sharp reduction in net debt, as per a report by Jefferies.
Digital and omnichannel are focus areas in Retail where disclosures didn t include segmental details. Driving 2G to 4G transition is the key focus area for Jio. Shift to renewables for captive consumption, increased ESG focus and higher chemical conversion are focus areas in O2C, the report said.
RIL extinguished $4.6bn capex creditors in FY21. Retail capex was elevated at $1.4bn partly led by Jiomart rollout. Facilities capex under Reliance Projects & Property Management Services was also elevated at $2.1bn.