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Shares of Anil Ambani-led group firms -- <keyword id="20367971" type="General" weightage="20" keywordseo="reliance-home-finance" source="keywords">Reliance Home Finance</keyword> Ltd, <keyword id="6360089" type="General" weightage="20" keywordseo="Reliance-Power" source="Orion">Reliance Power</keyword> and <keyword id="46907" type="General" weightage="20" keywordseo="Reliance-Communications" source="Orion">Reliance Communications</keyword> -- hit their <keyword id="10112182" type="General" weightage="20" keywordseo="lower-circuit-limits" source="Orion">lower circuit limits</keyword> on Monday as investors continued to desert the counters after markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Home Finance Ltd. The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE. Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day. Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32. Reliance Infrastructure also declined 2.90 per cent to Rs 205.55. Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years. Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations. In its probe, Sebi found that <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him. Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company's management ignored these orders. Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

Reliance Home Finance, Reliance Power shares hit lower circuit limits

The rise and fall of Anil Ambani’s Reliance Communications

<ul><li>This March, RIL and Reliance Communications (RCom) terminated the sale agreement by mutual consent after Department of Telecommunications (DoT) refused to clear the sale </li><li>The lenders of RCom too wanted the new buyer to take some of the debt off the books, which was at ₹46,000 crore. </li><li>RCom is sitting on valuable assets like 43,000 telecom towers and 4G spectrum, apart from real estate. </li></ul> Mukesh Ambani’s Reliance Industries might revive its plans to purchase the assets of bankrupt Reliance Communications which belongs to his brother, Anil Ambani,<a href="https://www.businesstoday.in/top-story/mukesh-ambani-reliance-industries-may-bid-for-anil-rcomm-in-bankruptcy/story/364881.html"> according to reports</a>. This March, Reliance Industries had to go back on its plans to buy Reliance Communications due to the many legal and other hurdles created by the by Telecom Ministry and the younger Ambani's lenders. Both the parties terminated the sale agreement by mutual consent after Department of Telecommunications (DoT) refused to clear the sale as they still owed them payments. The lenders of RCom too wanted the new buyer to take some of the debt off the books, which was at ₹46,000 crore. However, the buyer was not too keen on taking it on, leading to differences. Now that RCom is in bankruptcy court, the situation might have a buyer’s advantage. For Mukesh Ambani’s Jio, which started operations on 2016, RCom’s assets will come in handy. Not only is Jio planning to gain as much as half the share of the country’s telecom usage, it is also<a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-speeds-up-its-broadband-plan/articleshow/70139677.cms"> building a massive</a> fibre-to-home infrastructure and cater to the data needs of 75 million homes. Jio is also <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-may-go-public-next-year-as-debt-for-discounts-starts-to-bite-and-5g-era-beckons/articleshow/69885410.cms">raising capital </a>and taking debt off its books by bringing in investors into investment trusts (INVITs), which might provide it with the headroom for an acquisition. This is expected to bring in as much as ₹20,000 crore, as <a href="https://www.livemint.com/companies/news/ril-to-infuse-another-20-000-crore-into-jio-1560880046085.html">per reports</a>. Even as RCom shut shop, it is sitting on valuable telecom assets. For one, it has 43,000 telecom towers and 4G spectrum (airwaves) in the 850 MHz band, apart from wireless infrastructure, cable, switching nodes and much more. RCom is also sitting on real estate in the prized Navi Mumbai SEZ area, which was acquired by the father, Dhirubhai Ambani himself. In Anil Ambani’s words, the land assets at Dhirubhai Ambani Knowledge Centre (DAKC) are valued at over ₹26,000 crore, said the Business Today report. RCom has been on Mukesh’s radar for a long time, as it is said that he had envisioned the group’s entry into the telecom sector, and laid the groundwork. However, when the group split in 2004, RCom went into Anil’s kitty.RC Gradually, as RCom shifted technology from CDMA to GSM, it had made investments to expand and shift gears. By then, new competition had come in the form of Tata Docomo that took pricing power away, throwing it into trouble. The rest of the damage was done by evolving technologies which RCom could not keep up with, or even sell assets like it wanted to. All in all, RCom almost took the promoter Anil Ambani to jail. Supreme Court had ordered him to pay dues to the tune of ₹460 crore to Ericsson its vendor or go to jail. Mukesh had to step in and make the payment last minute to save him. SEE ALSO <a href="https://www.businessinsider.in/anil-ambani-goes-from-yacht-to-almost-jail-to-bankruptcy/articleshow/69835915.cms">Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade</a> <a href="https://www.businessinsider.in/mukesh-ambanis-reliance-jio-may-go-public-next-year-as-debt-for-discounts-starts-to-bite-and-5g-era-beckons/articleshow/69885410.cms">Mukesh Ambani’s Reliance Jio may go public next year as debt for discounts starts to bite and 5G era beckons</a>

Mukesh Ambani may now have a reason to buy Anil Ambani's bankrupt RCom, say reports

<ul><li>The share prices of <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s <keyword id="6368073" type="UNKNOWN" weightage="20" keywordseo="Reliance-Communication">Reliance Communication</keyword> and Reliance Naval and Engineering (RNEL) seem to be rebounding as the deadline to bid for its assets nears. </li><li>The shares of Reliance Naval and Engineering (RNEL), which was as low as ₹0.75 — shot up by 10 times at ₹7.70 in a span of 11 weeks. </li><li>While Reliance Communications’ share prices, which closed down at ₹0.57 on November 18, also climbed over 4% on November 26. </li><li>This comes as Airtel and Reliance Jio bids to purchase the assets of the company and its two subsidiaries. </li></ul>The share prices of Anil Ambani’s Reliance Communication and Reliance Naval and Engineering (RNEL) seem to be rebounding — after taking hit for most part of the year. The shares of Reliance Naval and Engineering (RNEL), which was as low as 75 paise— shot up by 10 times at ₹7.7 in 11 weeks. Its market capitalisation stood at ₹565 crore. Last financial year, RNEL recorded a net loss of ₹10,927 crore, while its revenue was at ₹180 crore. RNEL’s subsidiary Reliance Marine — filed bankruptcy<a href="https://www.businessinsider.in/another-anil-ambani-company-reliance-marine-goes-bankrupt/articleshow/70788268.cms"> in August after its debt swelled to ₹1,000 crore.</a> <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[
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 But this is not the only ADA group share that is gaining. The stock of Reliance Communications rose gained by 26% in the last eight days, according to BSE data. The stock has been taking a beating since it went bankrupt in May with massive unpaid dues of around ₹46,000 crore. But as the insolvency process is going on, it received bids from two players — Bharti Airtel and Reliance Jio bids to purchase its assets. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[
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 All of RCom’s assets including spectrum, towers, fibre and data centre and real estate are up for sale. It is reported estimated to be ₹33,000 crore, <a href="https://m.economictimes.com/markets/stocks/earnings/rcom-posts-indias-second-biggest-loss-at-rs-30142-crore/articleshow/72080490.cms">reported</a> Economic Times. But it might fall short of lender claims that came in at around ₹49,000 crore in August. The National Company Law Tribunal is expected to complete the process by 10 January, 2020. RCom in the past had tried to sell assets to various companies, including Reliance Jio, to clear debt but did not crystallise. Its chairman Anil Ambani resigned after the company registered a consolidated loss of ₹30,142 crore for July-September 2019. This was the second highest loss posted by any Indian corporate till date. However, t<a href="https://m.economictimes.com/markets/stocks/earnings/rcom-posts-indias-second-biggest-loss-at-rs-30142-crore/articleshow/72080490.cms">he shareholders rejected his resignation. </a> See also: <a href="http://businessinsider.in/business/news/airtel-ril-3-others-may-submit-bids-for-rcom-assets-on-monday/articleshow/72211930.cms">Airtel, RIL, 3 others may submit bids for RCom assets on Monday</a> <a href="https://www.businessinsider.in/business/news/rcom-lenders-reject-resignation-of-anil-ambani-4-other-directors/articleshow/72207915.cms">RCom lenders reject resignation of Anil Ambani, 4 other directors</a> <a href="https://www.businessinsider.in/business/news/rcom-shares-rally-6-pc-to-hit-upper-circuit-on-asset-sale-buzz/articleshow/72217578.cms">RCom shares rally 6 pc to hit upper circuit on asset sale buzz</a>

Two Anil Ambani Group stocks — which were trading for less than ₹1 — are buzzing again

The board of <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> is learnt to have approved resolution plan for <keyword id="46907" type="COMPANY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword>, through which lenders are expected to recover around ₹23,000 crore.UV Asset Reconstruction Company is believed to have placed bid of around Rs 14,700 crore, while Reliance Jio has made an offer of ₹4,700 crore for tower and fibre assets of <keyword id="44524" type="COMPANY" weightage="20" keywordseo="Reliance-Infratel">Reliance Infratel</keyword> Ltd. There will also be a clawback of ₹4,300 crore of priority payments made to Chinese and Indian creditors. Jio placed bid for tower and fibre assets of Reliance Infratel Ltd (RITL) and UVARC for assets of RCom and <keyword id="262352" type="COMPANY" weightage="20" keywordseo="Reliance-Telecom-Ltd">Reliance Telecom Ltd</keyword>. "SBI board has approved resolution plan for RCom. It is expected to vote favourably for the RCom resolution plan at the committee of creditors (COC) Meeting. Voting on the RCom Resolution Plan has started at the COC and will end on March 4," according to sources privy to the development. Email query sent to SBI and RCom resolution professional did not elicit any immediate reply. RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders submitted claims of around ₹49,000 crore in August. Reliance Communications has put all of its assets on sale that include spectrum holding of 122 megahertz (MHz), tower business, optical fibre network and data centres. According to an order by the National Company Law Tribunal, the CoC had to complete the entire process by January 10 but it sought extension in deadline. The resolution professional, Deloitte, is expected to file resolution plan with the NCLT Mumbai on March 5. RCom in the past had tried to sell assets to various companies, including Reliance Jio, to clear debt but the deals did not materialise. Reliance Jio cancelled agreement to buy RCom assets, including spectrum, as it did not want to bear the past liabilities of the debt-ridden firm. Later, the insolvency proceedings against RCom started on a plea filed by Swedish telecom gear maker Ericsson after the company failed to clear its dues. PRS BAL

RCom's lenders are close to resolve the unpaid loans; to recover ₹23,000 crore

New Delhi, Feb 16 () Telecom operators <keyword id="6354287" type="COMPANY" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword>, Vodafone Idea and <keyword id="6359475" type="DOMAIN" weightage="20" keywordseo="tata-teleservices">Tata Teleservices</keyword> are likely to make payment for adjusted gross revenue (AGR) dues on Monday to avoid stringent punitive action from the Telecom Department, according to an official source. The three companies are jointly liable to pay dues of over Rs 1 lakh crore, but they have informed the Department of Telecom (<keyword id="16054" type="ORGANIZATION" weightage="20" keywordseo="DoT">DoT</keyword>) of making only partial payment, as per their representatives. "Airtel, Vodafone Idea and Tata Teleservices have said that they will make payments on Monday. DoT will take action after evaluating the amount paid by them," an official source told . Earlier on Friday, Bharti Airtel offered the DoT to pay Rs 10,000 crore by February 20, but a DoT official said that the department can't grant any extension. Vodafone Idea on Saturday said that it is assessing the amount that can be paid towards AGR dues, even as it flagged concerns over the continuation of its business. Telecom operators are collectively liable to pay Rs 1.47 lakh crore in AGR dues as per the Supreme Court order dated October 24, 2019. The deadline to pay the amount ended on January 23, but none of the telecom operators, except Reliance Jio, paid the amount. Even state-owned BSNL and MTNL did not pay the dues. As per the last available estimates, Airtel owes nearly Rs 35,586 crore, including licence fee and spectrum usage charges, to the government. Vodafone Idea is staring at dues worth Rs 53,000 crore, which includes up to Rs 24,729 crore of spectrum dues and another Rs 28,309 crore in licence fee. Tata Teleservices owes around Rs 13,800 crore, BSNL Rs 4,989 crore and MTNL Rs 3,122 crore. Out of Rs 1.47 lakh crore, around Rs 1.13 lakh crore is likely to be recovered, as other companies, which are liable to pay AGR dues, have folded up their businesses. <keyword id="46907" type="COMPANY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword> and Aircel are going through insolvency proceedings. The apex court on Friday came down heavily on the Telecom Department for not taking steps to recover statutory dues, estimated to be around Rs 1.47 lakh crore from operators. The DoT issued fifth and final notice to telecom operators on February 14 for making payment on the same day, but none of the companies paid the dues. When asked about telecom operators having sought time to assess the amount they have to pay, the DoT official said that the court gave them three months to do so and even after missing January 23 deadline telecom operators had sufficient time to calculate their dues. "Before the due date, DoT has sent telecom operators 4 notices and reminders to pay to avoid punitive action under license condition. After court order on modification plea, telecom players are not left with any excuse to delay the payment and the DoT can take action against them without serving any further notice," the source said. The apex court pulled up telecom operators and the government on non-payment of AGR dues despite its order. It has asked managing directors and directors of the company to be present in person before court on the next hearing, scheduled for March 17, in case there is violation of its order in the AGR case. Public sector companies, that do not sell telecom services, owe DoT around Rs 2.65 lakh crore, with GAIL India alone owing around 65 per cent of the total amount. However, these PSUs have the option to approach court for a legal recourse.

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Reliance Home Finance, Reliance Power shares hit lower circuit limits

PTI

The rise and fall of Anil Ambani’s Reliance Communications

Mukesh Ambani may now have a reason to buy Anil Ambani's bankrupt RCom, say reports

Katya Naidu

Two Anil Ambani Group stocks — which were trading for less than ₹1 — are buzzing again

Preeti

Prerna

RCom's lenders are close to resolve the unpaid loans; to recover ₹23,000 crore

PTI

Airtel, Vodafone and Tatas are expected to cough up spectrum dues on Monday

PTI

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