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<ul><li>Reliance Marine was today admitted for insolvency proceedings. </li><li>Reliance Marine is a subsidiary of Reliance Naval which itself is on the verge of bankruptcy. </li><li>It is the second company of Anil Dhirubhai Ambani Group (ADAG) after Reliance Communications to head to bankruptcy. </li></ul> This could be the worst year of 60-year-old <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s life. Within two months of Reliance Communications heading to bankruptcy, yet another company Reliance Marine was today admitted for insolvency proceedings, as per<a href="https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/reliance-marine-to-face-insolvency-proceedings/articleshow/70782215.cms?UTM_Source=Google_Newsstand&amp;UTM_Campaign=RSS_Feed&amp;UTM_Medium=Referral"> an ET report</a>. The group’s telecom venture, Reliance Communications <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/reliance-communications-heads-to-bankruptcy-court/articleshow/69122711.cms?from=mdr">went bankrupt </a>in May with massive unpaid dues of around ₹46,000 crore. Reliance Marine and Offshore is a subsidiary of Reliance Naval, whose shares are trading at a mere ₹1.22. The debt of Reliance Naval is a 100 times that of the company’s market value of ₹90 crore today (August 22). Ballooning debt Reliance Naval’s subsidiary Reliance Marine has debt of around ₹1,000 crore and the lenders include government firms like NBFC and IFCI, who filed the bankruptcy petition as early as 2017, which has been accepted today. A company spokesperson has not responded to Business Insider’s queries on the development. Anil Ambani had bought over Pipavav Defence, a struggling company in 2015 and renamed it Reliance Naval, hoping to bag defence engineering contracts from the government. And he did. The company had contracts worth ₹2,500 crore from the Indian Navy, but as the deadline was overshot by 4 years, it decided to encash the bank guarantees that RNaval gave. Crisis of confidence A second group company going bankrupt will add to crisis of confidence in connection with Anil Ambani. Auditors have been pointing out discrepancies in the financials of his companies, or even quitting his companies. In June, PriceWaterHouseCoopers has quit as the auditing firm of Reliance Capital and Reliance Home Finance saying that it “<a href="https://www.businessinsider.in/anil-ambani-reliance-capital-auditor-pwc-resigns/articleshow/69750766.cms">impaired its</a> independence”. Recently, Reliance Capital’s board gave a <a href="https://www.businessinsider.in/business/reliance-capital-share-price-as-its-board-clears-it-of-pwcs-charges/articleshow/70588987.cms">clean chit to </a>the management over the allegations. Added to that, yet another of its company Reliance Infrastructure’s auditors Pathak HD&amp; Associates who pointed out that there was money missing from<a href="https://www.businessinsider.in/anil-ambani-owned-rel-infra-auditor-says-money-missing/articleshow/69819256.cms"> their balance sheet</a>, and that the audit was hence incomplete. Lack of confidence has hurt <a href="https://www.business-standard.com/article/markets/adag-stocks-tumble-after-rpower-posts-loss-in-q4-rinfra-defers-result-119061000163_1.html">the share prices </a>of all the group companies, and in turn, the small investors who hold the stock. 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>

Anil Ambani’s Reliance Marine is his second company to be declared bankrupt

Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade

<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

New Delhi, Jan 9 () Reliance Infrastructure (RInfra) has got in-principle nod from the National Highways Authority of India (NHAI) for sale of Delhi-Agra toll road to Cube Highways and Infrastructure for Rs 3,600 crore, an RInfra official said on Thursday.
 RInfra will utilise the proceeds to reduce debt.
 "Reliance Infrastructure has received the in-principle approval for Harmonious Substitution in the Delhi-Agra (DA) toll road project on January 7 from the National Highways Authority of India (NHAI)... Reliance Infrastructure will receive an enterprise value of Rs 3,600 crore including equity of up to Rs 1,700 crore," the RInfra official said.
 This approval paves the way to close the sale of the 180-km 6-lane Delhi-Agra toll road to Cube Highways and Infrastructure III Pte Ltd, which is owned by a Singapore-based Global Infrastructure Fund, I Squared Capital, and a wholly-owned subsidiary of the Abu Dhabi Investment Authority, the official said.
 The entire proceeds will be used by Reliance Infrastructure to pay lenders and reduce the debt of the company, the official said.
 This is in line with the commitment made by Reliance Infrastructure to its 16 lenders on July 6, 2019, when lenders signed an inter-creditor agreement for resolution of debt and granted moratorium to the company on the interest and principal payments.
 Reliance Infrastructure, which has a total debt of Rs 6,000 crore, is on track to reduce leverage even further as it focuses to be an asset- and capital-light entity, the company had said in September last year.
 Addressing the shareholders at the company's annual general meeting, its Chairman Anil Ambani had said, "Our intent is to reduce the debt further. At present, we have around Rs 6,000 crore of debt but with a large networth," adding that the company will focus on the domestic market and take up more complex infrastructure and transportation projects. NAM HRS

RInfra gets in-principle nod from NHAI for sale of Delhi-Agra road to Cube Highways for Rs 3,600 cr

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Anil Ambani’s Reliance Marine is his second company to be declared bankrupt

Katya Naidu

Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade

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

Katya Naidu

RInfra gets in-principle nod from NHAI for sale of Delhi-Agra road to Cube Highways for Rs 3,600 cr

PTI

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