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In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

<keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="261" meta.entityid="Reliance Group">Reliance Group</keyword> has launched the <keyword id="24017314" type="General" weightage="20" keywordseo="Reliance-Group-Corporate-Centre" source="keywords">Reliance Group Corporate Centre</keyword> (RGCC) as part of its <keyword id="24017313" type="General" weightage="20" keywordseo="2030-growth-strategy" source="keywords">2030 growth strategy</keyword>. "The RGCC will serve as a strategic hub, providing guidance to the Group's companies as they pursue new opportunities and technological advancements," the firm said in a statement. The core team of RGCC will include experienced leaders of the Group -- Sateesh Seth, Punit Garg, and K Raja Gopal. Garg currently leads as CEO of <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords">Reliance Infrastructure</keyword>, while K Raja Gopal has been at the helm of Reliance Power for six years. He has over 27 years experience in the power sector. Other leaders from the Group companies will also be invited to the RGCC. "The establishment of RGCC aims to harness the in-house expertise of these seasoned leaders to support the Group's forward-looking growth initiatives and cultivate a new generation of leadership for future project," the statement said. The RGCC will play a pivotal role in mentoring and developing emerging leaders, blending experience with fresh talent to propel the Group towards sustained growth. A Reliance Group spokesperson highlighted, "We are thrilled to introduce RGCC, a team of seasoned professionals with a broad spectrum expertise. This strategic move aims to steer the Group's future growth by tapping into the vast experience of these leaders, will help navigate industry challenges and capitalise on new opportunities, drive innovation, and deliver exceptional value to our customers and stakeholders. We believe RGCC will be instrumental in shaping the next phase of our Group's success." In recent developments, Reliance Infrastructure Ltd and Reliance Power Ltd, key entities under the Reliance Group, have achieved zero bank debt status and outlined plans for expansion into new growth areas. Reliance Power has secured 1,270 MW of renewable power projects in Bhutan, while Reliance Infrastructure, through its subsidiary Reliance Defence Ltd, is setting up a manufacturing facility for small arms, ammunition, and explosives in Ratnagiri, Maharashtra, spanning 1,000 acres. "To support these ambitious expansion plans, the companies have announced a combined fundraising effort of Rs 17,600 crore. This includes Rs 4,500 crore via preferential equity issues, Rs 7,100 crore from Varde Partners through equity-linked long-term FCCBs, and Rs 6,000 crore via Qualified Institutional Placement (QIP), with Reliance Power and Reliance Infrastructure each targeting Rs 3,000 crore," it added.

Anil Ambani's Reliance Group sets up centre to helm 2030 growth strategy

New Delhi: <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> is reviewing a <keyword id="20738747" type="General" weightage="20" keywordseo="Sebi-order" source="keywords">Sebi order</keyword> imposing a fine and banning him from capital markets for five years in an alleged fund diversion case and will take appropriate next steps as legally advised, his spokesperson said in a statement on Sunday. <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, the spokesperson in a statement said, had resigned from the board of <keyword id="21260537" type="General" weightage="20" keywordseo="Reliance-Infrastructure-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure Ltd" meta.hostid="153" meta.entityid="Reliance Infrastructure Ltd">Reliance Infrastructure Ltd</keyword> and Reliance Power Ltd, pursuant to Sebi's interim order dated February 11, 2022 in the matter pertaining to Reliance Home Finance Ltd. He "is in compliance with the said interim order (of February 11, 2022) for the last two and half years," the statement said. On the August 22 order that banned him and 24 others from the securities market for five years on charges of diversion of funds, the spokesperson said, "Mr Ambani is reviewing the final order dated August 22, 2024 passed by Sebi in the said matter, and will take appropriate next steps as legally advised." The Securities and Exchange Board of India (Sebi) had also imposed a fine of Rs 25 crore on Ambani, saying he orchestrated a scheme to "siphon off" funds from Reliance Home Finance, a listed subsidiary of conglomerate <keyword id="20479923" type="General" weightage="20" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> of which he is chairman. The ban means that he and the other 24 will not be able to access the securities market and are prohibited from buying, selling or otherwise dealing in securities, directly or indirectly. In a separate statement, Mumbai-listed Reliance Infrastructure Ltd said it "was not a noticee or party to the proceedings before Sebi in which the order is passed. No directions are given in the order against Reliance Infrastructure Ltd". "Mr Ambani had resigned from the board of directors of Reliance Infrastructure Ltd pursuant to the interim order dated February 11, 2022 passed by Sebi in the same proceedings. Therefore, the order dated August 22, 2024 passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Infrastructure Ltd," it said. Reliance Power, the other listed company of Anil Ambani's group, also issued a similar statement saying Ambani had resigned in 2022 and that the latest Sebi order has no bearing on it. Sebi in the August 22 order had stated that a "fraudulent" scheme "siphoned off" funds from Reliance Home Finance, which provides loans for housing and construction, by structuring them as loans to credit-unworthy borrowers. Most of these borrowers were linked to "promoters", the regulator had said. Anil Ambani and his elder brother Mukesh had in July 2006 split their father Dhirubhai Ambani-created Reliance Industries Ltd. Anil Ambani's Reliance Group spanned financial services, infrastructure and telecommunications while the elder brother got the traditional oil refining and petrochemicals business. Over the last few years, Anil Ambani has seen three of the largest firms within the group, including Reliance Communications, Reliance Capital, and Reliance Infrastructure, undergoing bankruptcy over unpaid debt. Sebi has charged that more than Rs 9,000 crore worth of loans from Reliance Home Finance were made to "nondescript borrowers who had no demonstrable financial ability to repay any of it". The other 24 banned include executives of Anil Ambani's Reliance Group and other unlisted companies connected to him.

Anil Ambani reviewing SEBI order, to take appropriate steps: Statement

In a big move, market watchdog <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords">SEBI</keyword> has banned <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> from participating in the securities markets for 5 years, for diverting funds from <keyword id="20367971" type="General" weightage="20" keywordseo="Reliance-Home-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Home Finance" meta.hostid="261" meta.entityid="Reliance Home Finance">Reliance Home Finance</keyword> (RHF). This means that the debt-ridden Ambani scion will not be able to serve as key managerial personnel, or director in any listed company for the next 5 years. Additionally, he will also have to pay Rs 25 crore as a penalty. Along with Ambani, 24 others, which include former employees of RHF, have also been banned from trading in the securities market for a five year period. RHF itself has been barred from the securities market for 6 months, and has also been penalized Rs 6 lakh. <h2>Not the first time</h2>In its order, SEBI found Ambani guilty of fraud and channeling away RHF funds under the guise of loans by lending them to entities connected to him. This was despite the company's board of directors repeatedly advising to stop such practices. Ambani continued to orchestrate the fraud, thanks to his key position as the chairman of ADA Group, and also because of his shareholding in RHFL's holding company. In July this year, SEBI had barred the infamous fugitive Vijay Mallya from trading in Indian markets for three years, when it was found that Mallya illegally routed funds via foreign banks and companies to spruce up the share value of his own companies and profiting from the same, aka stock rigging. While all his assets in India are frozen, he also cannot serve as the director of any Indian listed company for this duration. But this is not the first time SEBI has debarred people from the markets. Last year, SEBI had barred Mohammad Nasiruddin Ansari, popularly known as <keyword id="22893256" type="General" weightage="20" keywordseo="Baap-of-Charts" source="keywords" meta.keywordsubtype="org" meta.entityname="Baap of Charts" meta.hostid="261" meta.entityid="Baap of Charts">Baap of Charts</keyword>, after he was f0und doling out misleading stock-related advise, while pretending to run educative courses. SEBI also asked Ansari to refund Rs 17.2 crore he had collected under the guise of fees. Another popular fin-fluencer, PR Sundar, was barred from options trading for an entire year, when it was found that he was running full fledged investment advisory services i.e. recommending buying and selling stocks, without obtaining the necessary licenses Bollywood actor <keyword id="20003289" type="General" weightage="20" keywordseo="arshad-warsi" source="keywords">Arshad Warsi</keyword>, along with his wife Maria Goretti, were also banned by SEBI last year after he was found uploading videos that lured investors to buy shares of two specific companies, namely Sadhna Broadcast and Sharpline Broadcast, and thus, profiting about Rs 29.43 lakh and Rs 37.56 lakh, respectively. They were not allowed to trade until they deposited all profits made in this manner in an escrow account. However, the duo, along with Warsi's brother Iqbal Warsi later received relief from SAT (Securities Appellate Tribunal), which set aside SEBI's order.

Anil Ambani, Arshad Warsi- Famous names who SEBI has barred from the markets

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

<ul><li>The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it.</li><li>Vistra ITCL (India) Ltd, one of the members of the <keyword id="16392825" type="General" weightage="50" keywordseo="committee-of-creditors-of-reliance-capital" source="Orion">Committee of Creditors of Reliance Capital</keyword>, has moved <keyword id="6396355" type="General" weightage="80" keywordseo="nclat" source="Orion">NCLAT</keyword> against an <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> order.</li><li>It upheld the plea by <keyword id="14855943" type="General" weightage="100" keywordseo="torrent-investments" source="Orion">Torrent Investments</keyword> challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. </li></ul>The <keyword id="6396354" type="General" weightage="50" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance capital" meta.entityname="Reliance Capital Ltd." meta.entityid="13189" meta.seoname="reliance-capital-ltd">Reliance Capital</keyword> seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice <keyword id="247734" type="General" weightage="50" keywordseo="ashok-bhushan" source="Orion">Ashok Bhushan</keyword> issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the <keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword> bench of <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (NCLT) had ruled against holding a fresh round of auction for the takeover of <keyword id="218661" type="General" weightage="20" keywordseo="anil-ambani-promoted" source="Orion">Anil Ambani-promoted</keyword> Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent Investments challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. NCLT in its order said the bench allows Torrent Investments' application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at Rs 8,640 crore being the highest. Torrent Investments had filed a plea on January 9, requesting the tribunal to quash the lenders' plan to hold a fresh auction for the takeover of RCap. Torrent Investment was the highest bidder offering Rs 8,640 crore in the last round of the 'challenge mechanism'. Reliance Capital has a consolidated debt of about Rs 40,000 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-is-officially-confirmed-to-be-working-on-a-chatgpt-competitor-called-bard/articleshow/97681673.cms">Google is officially confirmed to be working on a ChatGPT competitor called Bard</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/drinking-water-in-israel-becomes-turbid-after-turkey-syria-quake/articleshow/97675030.cms">Drinking water in Israel becomes turbid after Turkey-Syria quake</a>

RCap resolution: NCLAT issues notices to Torrent Investments and others on the lender's plea

Once worth $42 billion and sixth on Forber’s Billionaire Index, Anil Ambani pleaded poverty in a dispute against Chinese banks on Friday. He told a UK court that his “net worth was zero” according to <a href="https://www.bloomberg.com/news/articles/2020-02-07/ex-billionaire-says-net-worth-is-zero-in-680-million-loan-fight">Bloomberg</a>. This is despite the fact that he owns a fleet of cars, a jet, a helicopter and a yacht. However, he told the court that these possessions were owned by corporate entities rather than by him personally. As of 3 April 2019, Ambani net worth is around $1.7 billion. Three Chinese banks — Industrial and Commercial Bank of China (ICBC), China Development Bank and the Export-Import Bank of China — are suing Mukesh Ambani’s younger brother for defaulting on a loan that was given to <keyword id="46907" type="CITY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword>. The banks allege that the former Reliance Communications chairman owes them over $700 million (₹5,000 crore), which includes interest. Lenders to Reliance Communications are <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/rcom-lenders-likely-to-claim-up-to-rs-90000-crore/articleshow/69300246.cms?from=mdr">expected to claim</a> dues of up to ₹90,000 crore — double the ₹46,000 crore that the company owes. This is one of the highest demands from a company that’s become insolvent. Banki Thanki QC, the lead counsel for the Chinese banks, <a href="https://timesofindia.indiatimes.com/business/india-business/anil-ambani-tells-uk-court-his-net-worth-is-zero-despite-fleet-of-cars-private-jet-and-yacht/articleshow/74017394.cms">claims</a> that was “a dichotomy” between the younger Ambani’s claims of poverty and his lavish lifestyle. “One is bound to ask why he can’t arrange for his companies to sell those assets and use the funds to pay the courts,” said Thanki. Here’s Anil Ambani’s rags to riches story:

Anil Ambani's journey from $42 billion net worth to claiming poverty

<ul><li>Reliance Capital said that it repaid as much as ₹72.6 crore in loans. </li><li>RCap is holding its annual general meeting today. </li><li>The company’s stock dropped by 13% today to trade at ₹24 per share. </li><li>The total debt of RCap stands at ₹46,000 crore. </li></ul> On the day of its annual general meeting, <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s company Reliance Capital said that it repaid as much as ₹72.6 crore on September 27 and 30. This amount includes the payment the company has made in both interest and principal. “This is across a range of instruments including non-convertible debentures, term loans and inter-corporate deposits. The company is current on all its repayment obligations,” the company told the stock exchanges today. The total debt of RCap <a href="http://businesstoday.in/current/corporate/japan-nippon-completes-acquisition-of-75-stake-anil-ambani-rnam/story/381767.html">stands at </a>₹46,400 crore. The company’s stock dropped by 13% today to trade at ₹24 per share as of 12:26 pm. On Friday (September 27), the Anil Dhirubhai Ambani Group company said that it completed the sale of its 21.5% stake in Reliance Nippon Life Asset Management for ₹3,030 crore or for $430 million. “Based on the above, and other asset monetisation deals presently underway, Reliance Capital expects to reduce its debt by at least ₹12,000 crore ($ 1.7 billion) or 70%, in the current financial year,” the company said in a statement on Friday. As it closes the Nippon transaction, Reliance Capital said that it old entire stake in its wholly owned subsidiaries like Reliance Capital Trustee and Reliance Capital AIF Trustee. All of Anil Dhirubhai Ambani Group companies like Reliance Capital, Reliance Infrastructure, Reliance Power, Reliance Home Finance and Reliance Communications are holding their annual general meetings today. The shareholders of RCom which is currently undergoing bankruptcy proceedings will be presided by a debt resolution professional.

Anil Ambani’s Reliance Capital repays ₹72.6 crore loans; stock tanks

<ul><li>PriceWaterhouseCoopers resigned as Reliance Capital and Reliance Home Finance’s auditor effective on June 11.</li><li>PwC said the company prevented it from exercising independent judgment.</li><li>PwC noted some observations and transactions and did not receive satisfactory response to queries.</li></ul> Top accounting firm PriceWaterhouseCoopers (PwC) resigned as Reliance Capital and Reliance Home Finance’s auditor effective on June 11. In a letter, PwC said that the company prevented it from performing its duties as statutory auditors. The stock of Reliance Capital fell as much as 7% in early trade on Tuesday (June 12) before recovering. As per a letter by PwC which was a part of BSE filing by Reliance Capital, the company prevented it from exercising independent judgment in making a report to the members of the company. “And impaired its independence and hence it is no longer in a position to complete the audit and instead feels compelled to withdraw from the audit engagement and resign,” the letter said. The dispute started when PwC noted some observations and transactions which in its assessment if not resolved satisfactorily might be significant or material to the financial statements. And, that it did not receive satisfactory response to its queries. The Anil Dhirubhai Ambani Group company also did not convene an audit committee meeting within the expected time, PWC said in a letter. Instead, it said that it will initiate legal proceedings against the firm. “PWC’s observations are completely baseless and unjustified. PWC has acted prematurely without even statutory discussions with the Audit Committee. There is no question of ‘diversion’; zero loans and / or liquidity have been provided by any lender in the PWC audit period,” Reliance Capital said in a statement on June 13. “Reliance Capital is by law required to fund only group entities, being a Core Investment Company (CIC). All resources have been utilised purely to support group debt servicing of Rs 35,000 crore in past 14 months,” the statement said. The other auditor Pathak H D A Associates will continue as the sole statutory auditor. This comes after a confidence-building conference call by Anil Ambani, the chairman of the ADA group on June 11. He had claimed to service all the group’s debt obligations and spoke about how he was ‘personally anguished’ by rumour mongering which has hammered his group companies’ stock. SEE ALSO: <a href="https://www.businessinsider.in/business/billionaire-anil-ambani-ready-to-pay-all-debts-of-reliance-goup/articleshow/69738912.cms" data-type="tilCustomLink" target="_blank">High on debt troubled billionaire Anil Ambani blames everyone but himself</a>

The auditor to Anil Ambani firm Reliance Capital says it wasn't allowed to do its job

<ul><li>Reliance Capital board took note of views from legal experts and other auditors to conclude that it did not violate any laws.</li><li>PwC quit as company’s statutory auditor alleging that it wasn’t allowed to work independently.</li><li>In June, yet another group company Reliance Infrastructure’s auditor too said that it did not receive enough evidence to complete its audit. </li></ul> Almost two months after PriceWaterhouseCoopers (PwC) quit as the auditor of Reliance Capital, the company’s Board of Directors gave a clean chit to the management. In a special review meeting, the board of Reliance Capital took note of views from legal experts and other joint auditors to arrive at the conclusion that it did not violate any laws, as <a href="https://www.businessinsider.in/anil-ambani-reliance-capital-auditor-pwc-resigns/articleshow/69750766.cms">alleged by PwC</a>. Reliance Capital’s share price closed the day 2% lower and the board decision was announced after market close. The stock has lost nearly half its value since PwC quit as the auditor nearly two months ago. It’s down over 47% since that day. “The Board also noted that PWC had duly audited the accounts for the financial year 2017 – 2018, as also limited review of financial results of three consecutive quarters ended December 2018, without any qualifications or raising any concerns,” Reliance Capital said in a media release. On June 11, PwC shot off a letter quitting as the statutory auditor of the company alleging that the company disallowed it from making an independent judgment in its report. “The PWC letter is devoid of any rationale or basis and is invalid,” RCap said. In its letter, PwC said, “RCap impaired its independence and hence it is no longer in a position to complete the audit and instead feels compelled to withdraw from the audit engagement and resign.” The dispute started when PwC noted some observations and transactions, which according to its auditor, had to resolved satisfactorily. If not done so, it would be “significant or material” to the financial statements. When it questioned the company, PwC did not receive satisfactory response to its queries. “PWC had chosen not to attend the audit committee meeting on June 12, 2019 despite being invited to do so. It abruptly resigned at the unearthly hour of 4.32 am on June 11,” RCap said in today’s statement. However, PwC is not the only company which had found discrepancies in with the highly indebted Anil Dhirubhai Group. In the very same month of PwC’s exit, Reliance Infrastructure’s auditor said that they did not receive enough evidence to complete the audit. Pathak H D&amp; Associates could not find any ‘evidence’ of Rs 8,858 crore which were listed as receivables and inter-corporate deposits like interests and advances. SEE ALSO <a href="https://www.businessinsider.in/anil-ambani-reliance-capital-auditor-pwc-resigns/articleshow/69750766.cms">The auditor to Anil Ambani firm Reliance Capital says it wasn't allowed to do its job</a> <a href="https://www.businessinsider.in/anil-ambani-owned-rel-infra-auditor-says-money-missing/articleshow/69819256.cms">Anil Ambani company Reliance Infra's auditors reveal all, say there is missing money on balance sheet</a>

Anil Ambani’s Reliance Capital gets a clean chit from the Board on audit violations

<ul><li>RCom says that a report which spoke of funds diversions during 2017 and 2018 are illogical, baseless, refuted and denied. </li><li>At the time, RCom’s debt was restructured, and transactions worth ₹5,500 crore came under the lens.</li><li>The lenders SBI is known to initiate a deeper probe to understand these dealings. </li></ul>The promoters of Reliance Communications (RCom) have refuted a fresh set of allegations that funds have been diverted by them between 2017 and 2018, as per an ET report citing sources. At the time, the-now bankrupt RCom’s debt was being restructured, and transactions worth ₹5,500 crore came under the lens of an investigation by State Bank of India (SBI). Some of these funds were allegedly flown via related party transactions, and preferential dealings with companies where its Group-level directors were a part of. The loans were also evergreened, which means they are rolled over for a longer period of time, according to the report that is now being dismissed by the company. ‘Lenders knew’ “During the period of June 2017 to March 2018, RCom was under the strategic debt restructuring scheme of Reserve Bank of India (RBI), and all transactions were under the full scrutiny of lenders,” RCom said in a statement released today. They said on Wednesday that the allegations of preferential treatment and fund diversion are “illogical, baseless, and are strongly refutes and denied”. The ET report also said that there were three large entries as a part of a 100,000 entries made between March 2017 and March 2018. The lenders SBI is known to initiate a deeper probe to understand these dealings. For this, they have engaged an accounting firm BDO back in 2017. “The alleged report has not been discussed with management and its input is yet to be taken on record by BDO,” said RCom in the statement. RCom has been in trouble for a long time now, as has finally reached National Company Law Tribunal (NCLT) in May for its bankruptcy proceedings. It has saddled on a debt of ₹46,000 crore over the years as its business dulled after new technologies came in, and they had shifted gears from CDMA to GSM technology, increasing capital expenditure immensely. 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/sbi-overstated-profits-for-3-years-reveals-rti/articleshow/70145021.cms">India’s largest bank was caught lying about its profits for 3 years but no one got punished, according to an expose</a>

Anil Ambani is firefighting another charge that says RCom diverted funds into other group companies

<ul><li><keyword id="46907" type="CITY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword> has sent a notice to <keyword id="6356812" type="ORGANIZATION" weightage="20" keywordseo="ericsson">Ericsson</keyword> asking the company to return ₹580 crores that the former had paid.</li><li>In May 2019, Reliance Communications had moved to the National Company Law Tribunal to file bankruptcy. </li><li><keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s brother <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> had bailed him out by paying Ericsson the amount in March.</li></ul>Bankrupt Reliance Communications’ lenders might be <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/reliance-communications-lenders-to-seek-rs-580-crore-from-ericsson-claiming-violation-of-ibc/articleshow/70338401.cms?UTM_Source=Google_Newsstand&amp;UTM_Campaign=RSS_Feed&amp;UTM_Medium=Referral">sending a notice</a> to Ericsson asking it to pay back ₹580 crores, which it had paid under Supreme Court’s order. According to sources, the payment made to Ericsson comes under ‘preferential transaction’ under the Insolvency and Bankruptcy Code. And, that Ericsson is liable to pay it back. A preferential transaction is where one creditor receives payments ahead of others. During bankruptcy proceedings, the process assigns a rank to each creditor and decides how much and when it would pay each of them. These creditors include banks and other lenders, in addition to vendors and others that RCom has to pay back. If Ericsson does to agree to pay it back, the lenders might also taking the legal route to force it. In May 2019, Reliance Communications had moved to the National Company Law Tribunal to file for bankruptcy. It had saddled a total <keyword id="44647" type="ORGANIZATION" weightage="20" keywordseo="debt">debt</keyword> of ₹46,000 crore, and had been trying to sell assets to pay off some of it. In February, the Supreme Court directed Anil Ambani-owned Reliance Communications to pay Ericsson the dues it owed. It had also said that Ambani would go to jail unless the company clears its dues. At this juncture, Anil’s elder brother and billionaire Mukesh Ambani had bailed him out, just in the nick of time.

RCom’s lenders will ask Ericsson to pay back ₹580 crore, says report

(Image source- Reuters) <ul><li><keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s Reliance <keyword id="2003276" type="COMPANY" weightage="20" keywordseo="Jio">Jio</keyword> has stood its ground on a decision to not cover the spectrum-related <keyword id="6425811" type="UNKNOWN" weightage="20" keywordseo="debts">debts</keyword> of <keyword id="46907" type="COMPANY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword>. </li><li>As a result, the India’s Department of Telecommunications (DoT) has maintained its decision to deny a no-objection certification to deal, which involves the sale of around ₹200 billion worth of <keyword id="6359803" type="UNKNOWN" weightage="20" keywordseo="spectrum">spectrum</keyword> to Jio. </li><li>RCom was counting on the deal, to restructure its debt and settle its dues with a range of creditors, most notably, Ericsson, which is still waiting on a ₹5.5 billion principal payment in addition to interest. </li></ul> Mukesh Ambani’s Reliance Jio has stood by its decision to not cover the spectrum-related debts of Reliance Communications, which is owned by his brother <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>, according <a href="https://indianexpress.com/article/business/companies/jio-reliance-communications-spectrum-deal-on-hold/">to media reports</a>. As a consequence of this, the India’s Department of Telecommunications (DoT) has denied a no-objection certification to deal, which was signed by the two brothers’ companies in December 2017. The move effectively suspends an important<a href="https://www.businessinsider.in/anil-ambanis-rcomm-gets-a-lifeline-from-brother-mukesh-ambanis-jio-as-first-phase-of-asset-sale-is-completed/articleshow/65562272.cms"> lifeline</a> to RCom. RCom was counting on the deal, which involves the sale of around ₹200 billion worth of spectrum to Jio, to restructure its debt and settle its dues with a range of creditors, most notably, Ericsson, which is still waiting on a <a href="https://www.businessinsider.in/anil-ambanis-rcom-secures-extension-on-crucial-debt-payment-avoiding-bankruptcy-and-keeping-hopes-of-a-bailout-alive/articleshow/66347032.cms">₹5.5 billion</a> principal payment in addition to interest. The DoT first <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/dot-rejects-rcom-jio-spectrum-trading-deal/articleshow/67154238.cms">objected </a>to the Reliance Jio’s proposed acquisition of 122.4 MHz of spectrum from Anil Ambani’s heavily-indebted Reliance Communications (RCom) a few days ago. The reason? Reliance Jio had communicated to the government that it would not assume liability for the spectrum debts that RCom still had to clear with the DoT. The disputed payment in question amounts to ₹29.5 billion. Hence, the deal was in violation of the government’s spectrum trading guidelines, which states that in such deals the buyer is liable to clear the seller’s outstanding debts. The DoT was not able to approve the deal under Reliance Jio’s conditions and reportedly left it to Mukesh Ambani’s firm to reconsider the decision. If things stand as they are, RCom will, in all likelihood, have to undergo <keyword id="128499" type="COMPANY" weightage="20" keywordseo="insolvency">insolvency</keyword> proceedings if Ericsson revives the matter in the Supreme Court. Anil Ambani’s firm is currently weighed down by ₹460 billion of debt. The deal was expected to go through after the Supreme Court ruled on 1 December that RCom could furnish <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/sc-asks-rcom-to-furnish-corporate-guarantee-of-rs-1400-crore-to-clear-spectrum-deal-with-jio/articleshow/66877361.cms">a corporate guarantee of ₹14 billion</a> backed by a deed to a land holding for the spectrum debt, as opposed to a bank guarantee of ₹30 billion - which would have been significantly harder to obtain but it is easier to encash. However, the DoT expected Reliance Jio to assume liability in the event that there was some problem with the corporate guarantee. SEE ALSO: <a href="https://www.businessinsider.in/anil-ambanis-rcomm-gets-a-lifeline-from-brother-mukesh-ambanis-jio-as-first-phase-of-asset-sale-is-completed/articleshow/65562272.cms">Anil Ambani’s RComm gets a lifeline from brother Mukesh Ambani’s Jio as first phase of asset sale is completed</a> <a href="https://www.businessinsider.in/anil-ambanis-rcom-secures-extension-on-crucial-debt-payment-avoiding-bankruptcy-and-keeping-hopes-of-a-bailout-alive/articleshow/66347032.cms">Anil Ambani’s RCom secures extension on crucial debt payment, avoiding bankruptcy and keeping hopes of a bailout alive</a>

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