RCOM bank loan fraud case: SC directs ED to form SIT
A Bench of Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice Vipul M. Pancholi said the seriousness of the allegations warranted a senior-level probe by the ED.
A Bench of Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice Vipul M. Pancholi said the seriousness of the allegations warranted a senior-level probe by the ED.
A group spokesperson stated that the attached assets belong to RCOM, which has not been part of the Reliance Group since 2019.
Reliance Infrastructure stated that the notice came eight months after the dispute in relation to the company's exposure with CLE Pvt Ltd was settled through mediation conducted by a retired Supreme Court judge in the Bombay High Court.
It may be recalled that the Enforcement Directorate (ED) registered a fresh case against RCom for an alleged Rs 2,929 crore loan fraud with the State Bank of India (SBI).
BoB is the third lender to classify RCom's account as fraud. Earlier, the State Bank of India (SBI) and the Bank of India (BoI) too had classified RCom's loan accounts as "fraud".
The NCLT earlier this week had directed the DoT to file their submission of objection by Friday.
The company’s secured debt of around Rs 33,000 crore.
According to RCom, multiple hearings have already taken place in the matter since August 28, 2018, and the telecom tribunal announced an interim relief on October 1.
In a much-awaited relief to Reliance Communications (RCOM), the Supreme court on Thursday cleared the decks for the sale of…
The holders of the company's $300 million bonds further approved the monetisation of other real estate assets
