Mumbai: The bankruptcy resolution process<\/a> for Reliance Communications<\/a> (RCom<\/a>) may hit another hurdle with State Bank of India, Union Bank of India and Indian Overseas Bank classifying the accounts of the telco and its units — Reliance Telecom and Reliance Infratel<\/a> — as fraudulent last week, said people with the knowledge of the matter. The lenders are now looking to initiate a deeper probe, said one of the persons. 延误将进一步削弱经济复苏的前景预期20000 - 23000卢比的贷款从资产出售RCom及其单位。金融债权人说他们欠57382卢比。 孟买:破产解决过程为信实电信(信实电信)可能会影响另一个障碍与印度国家银行,印度和印度联合银行海外银行账户分类的电信及其单位信实电信和鼓吹他的依赖上周,欺诈,人们的知识表示。银行现在希望发起一个更深层次的调查,说的一个人。 Mumbai: The bankruptcy resolution process<\/a> for Reliance Communications<\/a> (RCom<\/a>) may hit another hurdle with State Bank of India, Union Bank of India and Indian Overseas Bank classifying the accounts of the telco and its units — Reliance Telecom and Reliance Infratel<\/a> — as fraudulent last week, said people with the knowledge of the matter. The lenders are now looking to initiate a deeper probe, said one of the persons.
Resolution applicants Reliance Jio Infocomm<\/a> and UV Asset Reconstruction Co. Ltd (UVARCL<\/a>) may want to seek indemnity from any investigative proceedings into these companies, said the people cited above. Delays will further erode the prospects of recovery for lenders who were expecting Rs 20,000-23,000 crore from the asset sale of RCom and its units. Financial creditors have said they are owed Rs 57,382 crore.
‘May delay recovery process’
<\/strong>
“Lenders will have to make full provisions for their exposure in these accounts over the course of the next four quarters and a decision on whether they want to flag this off with the investigative agencies will also be taken soon,” said a bank executive aware of the development. “The concern among bankers is that if investigators come into the picture, that could delay the recovery process if they consider monies of these firms as proceeds of crime.”
The latest allegations come a year after a forensic audit unearthed questionable transactions worth Rs 5,500 crore in the three Anil Ambani-led Reliance Group<\/a> entities. The probe that looked at transactions between May 2017 and March 2018 found three large entries buried under hundreds of thousands of others that the SBIled consortium suspects could conceal fund diversion, according to the people cited above.
The lenders, RCom, Jio and UVARCL did not respond to ET’s queries.
At the time of filing for bankruptcy, RCom had debt of Rs 46,000 crore. As many as 53 financial creditors, including local and foreign banks, nonbanking finance companies and funds have claimed Rs 57,382 crore, of which Rs 49,224 crore has been accepted by the resolution professional.
![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
<\/p>Read also<\/h4>
<\/a><\/figure>Delhi HC stays RBI show cause notice to UVARCL<\/a><\/h5><\/div>
<\/a><\/figure>SBI, Union Bank, IOB mark RCom account as fraud<\/a><\/h5><\/div><\/div><\/div>
The allegations of fraud come as the dedicated bankruptcy court approved of the plan by Reliance Industries subsidiary Reliance Digital Platform & Project Services to pick up the tower assets of Reliance Infratel for Rs 4,975 crore. Meanwhile, UVARCL is awaiting approval by the National Company Law Tribunal (NCLT) for picking up assets of RCom and Reliance Telecom, which houses spectrum and fibre.
Not all agree that there will be further delays.
“The investigations, if initiated, will be against the previous management and has nothing to do with the future monetisation plans,” said one of those cited above.
RCom was forced to shut its wireless operations late 2017, hurt by mounting debt and widening losses amid intense competition in the telecom sector after Jio’s entry in September 2016. Delays arising from regulatory clashes have already led to an erosion in asset value by over 10%, according to some involved with the transactions.
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信实电信的决议可能,因银行客户标记为欺诈
决议申请者的依赖Jio Infocomm和紫外线资产重建有限公司(UVARCL)可能希望寻求赔偿任何调查程序进入这些公司,说上面的人引用。延误将进一步削弱经济复苏的前景预期20000 - 23000卢比的贷款从资产出售RCom及其单位。金融债权人说他们欠57382卢比。
“银行将不得不充分暴露在这些账户规定在未来四个季度,决定是否他们想国旗这与调查机构也将很快,”一位银行高管表示意识到发展。“银行家的担忧是,如果调查人员进入,可能会延迟复苏过程如果他们认为这些公司的资金收益的犯罪。”
最新的指控一年后一个法医审计发现可疑交易价值5500卢比的三Anil Ambani-led信实集团实体。看着事务的调查发现2017年5月至2018年3月三大条目埋在成千上万的其他SBIled财团嫌疑人可以掩盖基金转移,根据上面提到的人。
银行,,Jio RCom UVARCL没有回应等的查询。
申请破产的时候,信实电信46000卢比的债务。多达53金融债权人,包括本地和外国银行,非银行金融公司和基金声称57382卢比,49224卢比的决议已被接受的专业。
欺诈的指控是专用的破产法庭批准的计划,信实工业子公司信实数字平台和项目服务,拿起塔信实鼓吹他的资产为4975卢比。同时,UVARCL正在等待批准由国家公司法法庭(NCLT)捡的资产和信实电信RCom房屋谱和纤维。
并不是所有的同意,将会有进一步的延误。
“调查,如果启动,将对先前的管理和与未来盈利计划,“上面所提到的说。
RCom被迫关闭其无线业务2017年末,受到债务和不断扩大的损失由于激烈的竞争后的电信业Jio 2016年9月的条目。延迟引起的监管冲突已经导致了资产价值下降的10%,据参与交易。
Resolution applicants Reliance Jio Infocomm<\/a> and UV Asset Reconstruction Co. Ltd (UVARCL<\/a>) may want to seek indemnity from any investigative proceedings into these companies, said the people cited above. Delays will further erode the prospects of recovery for lenders who were expecting Rs 20,000-23,000 crore from the asset sale of RCom and its units. Financial creditors have said they are owed Rs 57,382 crore.
‘May delay recovery process’
<\/strong>
“Lenders will have to make full provisions for their exposure in these accounts over the course of the next four quarters and a decision on whether they want to flag this off with the investigative agencies will also be taken soon,” said a bank executive aware of the development. “The concern among bankers is that if investigators come into the picture, that could delay the recovery process if they consider monies of these firms as proceeds of crime.”
The latest allegations come a year after a forensic audit unearthed questionable transactions worth Rs 5,500 crore in the three Anil Ambani-led Reliance Group<\/a> entities. The probe that looked at transactions between May 2017 and March 2018 found three large entries buried under hundreds of thousands of others that the SBIled consortium suspects could conceal fund diversion, according to the people cited above.
The lenders, RCom, Jio and UVARCL did not respond to ET’s queries.
At the time of filing for bankruptcy, RCom had debt of Rs 46,000 crore. As many as 53 financial creditors, including local and foreign banks, nonbanking finance companies and funds have claimed Rs 57,382 crore, of which Rs 49,224 crore has been accepted by the resolution professional.
<\/p>Read also<\/h4>
<\/a><\/figure>Delhi HC stays RBI show cause notice to UVARCL<\/a><\/h5><\/div>
<\/a><\/figure>SBI, Union Bank, IOB mark RCom account as fraud<\/a><\/h5><\/div><\/div><\/div>
The allegations of fraud come as the dedicated bankruptcy court approved of the plan by Reliance Industries subsidiary Reliance Digital Platform & Project Services to pick up the tower assets of Reliance Infratel for Rs 4,975 crore. Meanwhile, UVARCL is awaiting approval by the National Company Law Tribunal (NCLT) for picking up assets of RCom and Reliance Telecom, which houses spectrum and fibre.
Not all agree that there will be further delays.
“The investigations, if initiated, will be against the previous management and has nothing to do with the future monetisation plans,” said one of those cited above.
RCom was forced to shut its wireless operations late 2017, hurt by mounting debt and widening losses amid intense competition in the telecom sector after Jio’s entry in September 2016. Delays arising from regulatory clashes have already led to an erosion in asset value by over 10%, according to some involved with the transactions.
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