Reliance Communications Limited — Important, 01-07-2025: Fraud/Default/Arrest

Reliance Communications has announced a board meeting on the financial results for the quarter and half-year. The company received a letter from State Bank of India classifying its loan account as “fraud” and reporting its erstwhile director, Anil Dhirajlal Ambani, to the RBI. The loans cited relate to the period before the company entered corporate insolvency resolution process (CIRP). As the company is under CIRP with an approved resolution plan pending tribunal approval, this classification is not expected to impact operations or finances. Legal advice is being sought regarding next steps.