Reliance Communications Limited — Important, 27-03-2025: Fraud/Default/Arrest

Reliance Communications Limited reports a potential fraud involving suspended director Mr. Punit Garg, who allegedly permitted the unauthorized sale of Bonn Investments Inc.'s sole asset during the corporate insolvency resolution process. This mismanagement is linked to an investment of approximately USD 8.34 million (around Rs. 69.55 crore) with AZCO Real Estate Brokers LLC. The resolution professional has filed for legal action against Garg to recover the misappropriated funds, posing a risk to RCOM's value in Bonn. Investors should be cautious, as this situation could weigh heavily on the company's financial health and stability.