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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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