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Kripa B November 16th, 2024 4:01 PM 0 COMMENTS

Canara Bank Classifies Reliance Communications and Subsidiary as Fraud Accounts

State-owned Canara Bank has classified Reliance Communications and its subsidiary, Reliance Telecom, as "fraud" accounts, the company announced in an exchange notification on Friday. The Company is currently undergoing a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. Also Read: PNB Turns Down Vodafone Idea’s Request for Fresh Financing: Report Accounts Declared Fraud "Company and its subsidiary Reliance Telecom Limited has received letters from Canara Bank,... Read More

Tanay Singh Thakur October 1st, 2020 2:13 PM 21 COMMENTS

Telecom Operators Need to Clear AGR Dues Before Transferring Rights of Spectrum Use

The government of India is all set to oppose transfer of the right to use spectrum of bankrupt operators like Reliance Communications and Aircel unless their statutory dues are cleared. The apex court during the hearing of AGR dues matter had also asked whether operators under Insolvency and Bankruptcy Code (IBC) can sell its spectrum to another telecom company. The answer to that question isn’t clear yet. However, ET Telecom... Read More

Tanay Singh Thakur August 14th, 2020 7:39 PM 66 COMMENTS

Supreme Court Asks Why Jio Shouldn’t Be Paying AGR Dues for Using Spectrum of RCom

AGR (Adjusted Gross Revenue) dues have become a major pain for the telecom industry of India. It has affected not only the operators that are actively providing telecom services, but also the operators which have gone insolvent. Back on October 24, 2019, the Supreme Court had ruled in favour of the Department of Telecommunications (DoT) and held its definition of AGR dues above what telcos were demanding. Telecom companies in... Read More

Bala Yogesh July 21st, 2020 12:37 PM 1 COMMENTS

Supreme Court Reserves Order on Granting Additional Time for Telcos to Pay AGR Dues

The Supreme Court of India on Monday reserved its order on the petitions filed by the telecom players in India seeking additional time for the payment of the statutory dues. The apex court in October, 2019, said that the statutory dues need to be calculated by adding the non-telecom revenues in Adjusted Gross Revenues (AGR). The judgement in October ended a 14 year battle between the operators and the government... Read More

Shrijan Soni April 16th, 2020 4:12 PM 2 COMMENTS

Reliance Industries and Facebook Might Create Multi Purpose App for Users

Reliance Industries and Facebook are planning to create a multi-purpose app for users which will allow them to buy groceries through Reliance Stores, make payment using JioMoney and many more. Not only this, both the companies have hired top consultants and lawyers based in the US to explore all the aspects. Also, it is expected that Facebook will use its WhatsApp platform and leverage the new app by integrating existing... Read More

Arpit Sharma August 5th, 2019 3:59 PM 0 COMMENTS

Reliance Jio, Airtel and Other Companies Show Interest in Buying Assets and Spectrum from RCom

As the bankrupt telecom operator, Reliance Communications, seeks to sell its assets, it has found many takers for its sale, and it includes some of the big names like Bharti Airtel and Reliance Jio Infocomm. As per a new ET report, the people aware of the matter said that Reliance Jio Infocomm, Bharti Airtel, asset management firms and telecom tower operators have sent Expression of Interest (EoIs) thus showing interest... Read More

Chakri K July 24th, 2019 11:36 AM 0 COMMENTS

NCLAT Dismisses Contempt Petitions Filed Against RCom Chairman Anil Ambani

The NCLAT on Tuesday dismissed contempt petitions filed against Reliance Group Chairman Anil Ambani and other officials by minority shareholders, alleging non-payment of dues by Reliance Infratel. A two-member bench headed by NCLAT Chairman Justice S J Mukhopadhaya dismissed the pleas against Ambani and officials after observing that consent terms agreed upon between RCom and minority shareholders, including HSBC Daisy Investments (Mauritius), for payment of dues can not be a... Read More

Arpit Sharma July 2nd, 2019 4:05 PM 0 COMMENTS

Reliance Communications Spectrum Auction Plan Hits a Snag After DoT Delivers a Blow

Reliance Communications (RCom) has hit a new hurdle in its insolvency process, falling into the hands of uncertainty about whether or not the resolution professional will be able to sell its most valuable asset – spectrum, as per a new ET Telecom report. According to the insolvency professionals, the telecom operators may refrain from buying spectrum from Reliance Communications to avoid a clash with the Department of Telecommunications (DoT) and... Read More

Sneha Bhardwaj May 28th, 2019 9:46 AM 0 COMMENTS

RCom Reports Net Loss of Rs 19,776 Crore During Q4 FY19

Reliance Communications (RCom), which is facing insolvency proceedings, Monday reported a consolidated net loss of Rs 7,767 crore in the fourth quarter of 2018-19. The company had reported a net loss of Rs 19,776 crore in the corresponding period of 2017-18. Total income rose to Rs 1,089 crore during the January-March quarter of 2018-19 as compared with Rs 976 crore in the fourth quarter of 2017-18, Reliance Communications said in... Read More

Chakri K May 9th, 2019 4:54 PM 0 COMMENTS

Anil Ambani’s RCom’s Bankruptcy Begins, Next Hearing on May 30

The National Company Law Tribunal Thursday allowed Reliance Communications (RCom) to exclude the 357 days spent in litigation and admitted it for insolvency. 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 after the NCLT Thursday superseded its board and appointed a new resolution professional to run it and also allow the SBI-led consortium of... Read More

Sneha Bhardwaj April 9th, 2019 10:47 AM 0 COMMENTS

NCLAT to Decide on Insolvency Plea of RCom

The National Company Law Appellate Tribunal (NCLAT) said it would decide on the insolvency of debt-ridden Reliance Communications (RCom). RCom has pleaded the tribunal to go ahead with insolvency proceedings against it as it is unable to pay dues to its lenders. Swiss telecom gear maker Ericsson, which received its unpaid dues of Rs 550 crore from RCom last month following a Supreme Court order, is opposing the move. A... Read More

Chakri K April 8th, 2019 2:46 PM 10 COMMENTS

RCom Defaults on Another Spectrum Payment Deadline, Reliance Jio Spectrum Sharing Deal Under Scrutiny

Anil Ambani led telecom operator - Reliance Communications might have stumbled on a new hurdle as the telco missed another spectrum payment deadline. The payment which RCom was required to make totalled Rs 281 crores and was to be made by April 5. However, the telecom operator is relying on a legal case ongoing in the appellate tribunal which is going to keep the Department of Telecommunications (DoT) at bay... Read More