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MUMBAI: The nation's largest bank State Bank of India (SBI) has decided to classify the loan account of the beleaguered telecom firm Reliance Communications (RCom) that's under bankruptcy since June 2019, as a "fraud" account and also to report the name of its erstwhile promoter and director Anil Ambani to the Reserve Bank. The company has been found to have used as much as Rs 12,692.31 crore of bank loans which is 41% of the total loan, to pay connected parties through a web of inter-group transactions - while only Rs 6,265.85 crore was used to repay other bank loans, as much as Rs 5,501.56 crore was paid to related or connected parties which were not aligned with sanctioned purposes, SBI said in its letter to the company by its own admission owed Rs 31,580 crore to banks. In an exchange filing Wednesday, RCom said it is in receipt of a letter to the effect from SBI, dated June 23, 20225, and has asserted its right to seek remedial and legal measures as it feels that the bank has not heard it properly as prescribed by the Supreme Court or followed the RBI norms on classifying an loan account as fraud. In a March 28, 2023 order, the apex court asked banks to provide borrowers with a personal hearing before classifying their loan accounts as fraudulent, citing the principles of natural justice, so as to ensure that borrowers have an opportunity to present their case before being labeled as fraudulent. The apex court order was based on the principle of 'audi alteram partem,' which means 'hear the other side' which the court considers to be a cornerstone of natural justice, requiring that no one is condemned unheard because classifying a loan account as fraud has severe implications for the borrower, including potential criminal proceedings and restrictions on future borrowing. Following this, the Reserve Bank issued revised guidelines to banks incorporating this ruling to its February 2016 guidelines. In the exchange filing, RCom said it and its subsidiaries had taken Rs 31,580 crore from banks. The move by the largest lender is expected to be followed by other lenders who had given loans to RCom. "We have taken cognizance of the responses to our show cause notice and after due examination of the same it is concluded that sufficient reasons have not been provided by the respondent, to explain the non-adherence to the agreed terms and conditions of the loan documents or the irregularities observed in the conduct of the account of RCL to the satisfaction of the bank," SBI said on June 25, which RCom sent to the exchanges on Wednesday. Accordingly, the bank said, the fraud identification committee of the bank has decided to classify the RCom loan account as fraud and also name its director Anil Ambani in its report to the RBI, citing the extant regulatory guidelines, according to which after a bank classifies an account as 'fraud', the lender should then report the fraud to RBI within 21 days of detection and also report the case to CBI/police. The SBI letter also said the bank has found deviation in utilisation of the loans involving complex web of fund movements across multiple group entities. According to the report of the fraud identification committee, of the total loan Rs 13,667.73 crore, about 44% was utilized for loan repayment and meeting other obligations, while Rs 12,692.31 crore or 41% of the total loan, was utilized to pay connected parties. According to the filing, Rs 6,265.85 crore was used for repaying other bank loans and Rs 5,501.56 crore was paid to related/ connected parties which were not aligned with sanctioned purposes. Further, a Rs 250-crore loan from Dena Bank (meant for statutory dues) was not utilized as disclosed in the loan application. The loan was diverted to an RCom group firm Reliance Communications Infrastructure (RCIL) as an inter-corporate deposit and was later claimed to repay an external commercial borrowing loan. The committee has also found that Rs 248 crore was sanctioned by IIFCL for meeting capital expenditure but RCom paid Rs 63 crore to Reliance Infratel (RITL) and Rs 77 crore to RIEL for loan repayment. "But instead of transferring the fund directly to these companies it was routed through RCIL, reason for that has not been given by the management or by Ambani. These (Dena Bank and IIFCL loan use) appear to be misappropriation of funds and breach of trust," the report said. The committee has also observed potential routing of bank loans by RCom Group including mobile tower firm Reliance Infratel (RITL) telecom services company Reliance Telecom (RTL), Reliance Communications Infrastructure (RCIL), Netizen, Reliance Webstore (RWSL) etc. The report said RCom, RITL, and RTL engaged in ICD (inter-corporate deposit) transactions totaling Rs 41,863.32 crore of which only Rs 28,421.61 crore was traceable. Also, RCom used a Rs 100-crore intraday limit to cycle funds through group entities including RWSL, RTL, RCIL multiple times in a single day. "These transactions do not appear to be genuine or conducted in a normal course of business. It appears that RCom has utilised intra-day limits to finance RWSL to pay collection proceeds worth Rs 1,110 crore. As a result, debtors of RTL got reduced by that extent... transactions can be termed as manipulation of books of accounts through fictitious accounts," the report said. The committee said funds transactions involving Netizens as "an attempt of fund diversion by manipulation of books of accounts through fictitious account/fictitious entries." Since June 28, 2019, RCom has been in NCLT and business and assets are being managed by the resolution professional Anish Niranjan Nanavaty. In his reply to SBI on Wednesday, Ambani's legal counsel Agarwal Law Associates said, the bank has thrown the apex court directions an RBI guidelines on labelling a loan account as fraud to the winds. "State Bank's order referred in the RCom disclosure is shocking and has been passed ex-parte, and in violation of the principles of natural justice. The order is in direct contravention of various judgments of the Supreme Court and the Bombay High Court, as well as RBI guidelines." SBI has not even responded to Ambani's communication about the invalidity of the show cause notice for almost a year, and has not even provided the information forming the basis of their decision despite being repeatedly requested for, to enable Ambani to respond to the show cause notice, it said, adding the bank has also not allowed Ambani an opportunity of personal hearing to make submissions against its allegations. The Ambani lawyer further claimed that SBI has withdrawn the show cause notice to other non-executive and independent directors of RCom, while wrongly named Ambani who was also a non-executive director not involved in the day-to-day affairs of the company.
IMPHAL, Nov 17: The NPP on Sunday withdrew support from the BJP-led Government in Manipur, even as violence continued to rock the state as offices of the Congress and the saffron party were ransacked in the hill district of Jiribam where an unidentified body was found earlier in the day, officials said. Follow the Daily Excelsior channel on WhatsApp A BJP MLA's ancestral house was vandalised in Imphal Valley while a building owned by Ashab Uddin, the Independent legislator of Jiribam, was ransacked, officials said. The incidents occurred a day after irate mobs set fire to the residences of ...Read More >
The business reported a 45 per cent increase in net profit to Rs 775 crore on Tuesday for the July-September quarter over the same period last year due to higher revenues. Siemans India Shares zoomed more than 5 per cent on NSE (National Stock Exchange), after the company declared their quarterly earnings for July September quarter, which revealed their PAT (profit after tax) jumped 45 per cent. The siemens share price touched intraday high of Rs 7,622.95 per share on NSE (National Stock Exchange), after hitting the opening bell at Rs 7,499.00 which considerable surge of 3.5 per cent amounit ...Read More >
nion Minister of State for Labour and Employment Shobha Karandlaje cited statistics in the Lok Sabha on Monday to show that youth unemployment rates in India were lower than global levels. The minister cited a report by the International Labour Organisation's (ILO) Institute for Human Development (IHD) which states that the worldwide youth unemployment rate was 15.6 per cent in 2021. Further, as per World Employment and Social Outlook Trends, 2024 by ILO, globally, in 2023, the youth unemployment rate was 13.3 per cent. On the other hand, the latest annual Periodic Labour Force Survey (PLFS ...Read More >
The Cure SMA Foundation of India has praised the government’s recent efforts to address rare diseases, including Spinal Muscular Atrophy (SMA), with over Rs 900 crore allocated for treatment procurement. The foundation urges swift action to implement the procurement process within 45 days, following the Delhi High Court’s directive. SMA, a life-threatening genetic disease, has limited treatment access in India. While the drug Risdiplam has brought hope, collaborative efforts are needed to ensure wider availability. Experts stress the importance of a holistic approach to SMA care, citing Kerala ...Read More >
Small-cap Stock: Krystal Integrated Services Limited (Krystal) share price rose 5 per cent to ₹779.3 on Tuesday, November 26 after the company announced receiving a ₹106.3 crore contract from the Brihanmumbai Municipal Corporation (BMC). The contract, valued at ₹1,062.99 million ( ₹106.3 crore), covers three years and involves providing comprehensive attendant manpower services to BMC's Education and Security Departments. This initiative is aimed at improving public sector operational efficiency in Mumbai. Small-cap stock Krystal Integrated Services share was trading in the green, up 3.07 pe ...Read More >
While Trent Boult was signed for Rs 12.50 crore, the Mumbai-based franchise spent an amount of Rs 9.25 crore to land Deepak Chahar. Mumbai Indians' have assembled a lethal pace attack at the two-day IPL 2025 auction held in Jeddah (Saudi Arabia). The five-time IPL champions had already retained their star pacer Jasprit Bumrah ahead of the auction. At the mega auction, MI decided to acquire the services of two other quality fast bowlers - Trent Boult and Deepak Chahar. While Boult was signed for Rs 12.50 crore, the Mumbai-based franchise spent Rs 9.25 crore to land Chahar. Reacting to the po ...Read More >
Vijayawada: Andhra Pradesh Chief Minister N. Chandrababu Naidu on Tuesday instructed officials to formulate proposals for constructing an iconic Deep-Technology building in the capital city of Amaravati. "I had built Hi-Tech City structure in Hyderabad to promote information technology. Now, it is time to embrace Deep-Tech and Artificial Intelligence to take advantage of the opportunities arising out of the latest technology," he underlined while reviewing the New IT Policy at the state secretariat. The Chief Minister announced that the state government will provide Rs 25 lakh as seed fundin ...Read More >
Srinagar, Nov 27 (UNI) Jammu and Kashmir's Road Transport Corporation (RTC), a crucial backbone of public transportation, has raised serious concerns over the barring of its buses from entering Srinagar city limits. The move has triggered alarm within the Corporation, with officials cautioning about significant disruptions to public transport services and daily commutes, alongside substantial financial losses for the RTC. The restriction, in effect since November 4 when the maiden session of the Assembly commenced, is causing a daily revenue loss of Rs. 4 lakh to the Corporation. In a lette ...Read More >
The Indian government launched the Rs. 1,435 crore PAN 2.0 project. Announced by Information and Broadcasting Minister Ashwini Vaishnaw, the project aims to establish the PAN number as a common business identifier across all government digital systems. PAN 2.0 Project Launch The Rs. 1,435 crore PAN 2.0 the project aims to establish the PAN number as a common business identifier across all government digital systems. CCEA Approval The Cabinet Committee on Economic Affairs (CCEA) approved the project under the Income Tax Department. As per Information and Broadcasting Minister Ashwini Vaish ...Read More >
The Supreme Court on Tuesday (November 26, 2024), indicated a level of hypocrisy attached to criticism about Electronic Voting Machines (EVM), saying ""EVMs are tampered when you lose and fine if you win". The oral remark was made by Justice Vikram Nath before dismissing a petition filed by evangelist K.A. Paul, who urged for a judicial order to return to paper ballots. Also read:EVM-VVPAT case | Cannot disclose 'source code' of EVMs, will result in misuse: Supreme Court Justice Nath, during the hearing, asked Mr. Paul whether he wanted to turn the court into a political arena. Mr. Paul sa ...Read More >
Mumbai Indians (MI) made strategic moves in the IPL 2025 mega-auction, securing New Zealand pacer Trent Boult for ₹12.50 crore. MI owner Akash Ambani praised Boult’s invaluable skill in swinging the new ball, acknowledging the team’s struggles when he wasn’t playing for them in recent years. The franchise also acquired England’s Reece Topley for ₹75 lakh and New Zealand spinner Mitchell Santner for ₹2 crore. MI further strengthened their spin department by signing young Afghan talent Allah Ghazanfar for ₹4.80 crore, who has impressed with his performances in international cricket. ...Read More >
Parth Jindal penned an emotional farewell note for Rishabh Pant who played nine years for the Delhi Capitals. After nine years with the Delhi franchise, Rishabh Pant will play for the Lucknow Super Giants in the upcoming IPL season. Delhi Capitals' co-owner Parth Jindal on Tuesday (November 26) lamented Rishabh Pant's departure from the franchise and hoped to reunite in the foreseeable future. Capitals had released their captain Pant ahead of the IPL mega auction where he drew a record bid of Rs 27 crore from LSG. DC even tried to get their captain back on day one of the auction but could no ...Read More >
Trisha Krishnan's old video is currently circulating on Instagram from the success party of Ponniyin Selvan 1 (PS-1). This party was a celebration of the film's massive success at the box office, where it earned over Rs 460 crore worldwide, according to a Deadline report. Ponniyin Selvan 1 has become the third highest-grossing Indian movie of 2022, a remarkable achievement for a Tamil film. The movie has been widely praised for its direction, performances, and grand visuals, making it a milestone in Indian cinema. Trisha Krishnan's old video is currently circulating on Instagram from the succ ...Read More >
Hardik Pandya played an excellent knock of 69 runs in 30 balls to lead Baroda to a three-wicket win over Tamil Nadu in a high-scoring Group B match at the Holkar Stadium in Indore on Wednesday. Hardik's innings included four 4s and seven 6s. Out of those seven sixes, four came in the 17th over bowled by left-arm pacer Gurjapneet Singh. Chasing a stiff total of 222, Baroda was at 121 for 4 when Hardik came out to bat after the dismissal of his elder brother Krunal. The equation came down to 66 needed off 24 balls when Gurjapneet, a 6'3" seamer bought for Rs 2.2 crore by five-time Indian Prem ...Read More >
Mumbai, November 26: The final allotment for the NTPC Green Energy IPO has been confirmed, and investors can now check their status through bank debit messages or online platforms such as the BSE, NSE, and Kfin Technologies. The shares of NTPC Green Energy, which opened for subscription on November 19 and closed on November 22, are set to be listed on the stock exchanges on Wednesday, November 27, 2024. The public offering received strong investor interest, with the issue oversubscribed by 2.42 times, according to the National Stock Exchange (NSE). Analysts maintain a positive long-term outlo ...Read More >
Vaibhav Suryavanshi, a 13-year-old cricket prodigy, becomes the youngest player signed for IPL, bought by Rajasthan Royals for Rs 1.10 crore. His achievement has sparked pride in his hometown, with family replaying a vital role in his journey. Vaibhav marks a new era for young talent in cricket. In a groundbreaking moment for Indian cricket, 13-year-old Vaibhav Suryavanshi has made history by becoming the youngest player ever signed by the Indian Premier League (IPL). Acquired by the Rajasthan Royals for a staggering Rs 1.10 crore during the IPL 2025 auction, Vaibhav's remarkable achievement ...Read More >
New Delhi, Nov 26: The Supreme Court on Tuesday dismissed a public interest litigation (PIL) seeking directions to the Election Commission of India (ECI) to introduce ballot paper in place of EVMs (Electronic Voting Machines). A bench of Justices Vikram Nath and P.B. Varale rejected the prayer to return to the ballot system due to the alleged manipulability of EVMs. "When you lose, EVMs are tampered with; when you win, EVMs are fine," remarked the apex court, when the petitioner referred to the statements made by Andhra Pradesh Chief Minister Chandrababu Naidu and his predecessor Jagan Mohan ...Read More >
Bigg Boss 18: Shilpa Shirodkar is termed 'biggest backstabber' after Vivian Dsena... Deepak Kalal fights with passenger in flight? Know the truth behind viral video Delhi court fixes Nov 28 for hearing former CM Arvind Kejriwal's plea over sanction copy in... Where will the Champions Trophy 2025 be played? ICC to take final call on THIS date Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan recalls telling Amitabh Bachchan he made 'big mistake' by... Deepinder Goyal's Zomato opens Rs 8500 crore QIP share sale, sets floor price at Rs... Delhi Capitals co-owner pens emotional fare ...Read More >
TARC Limited announced today that it has sold 50 per cent of its TARC ISHVA residential project, valued at ₹1,350 crore, just two months after its launch in September 2024. The luxury residential development on Golf Course Extension Road in Gurugram's Sector 63A spans 1.35 million square feet and offers four-side open residences with Aravali Hills views. The shares of TARC Limited were trading at ₹212 up by ₹6.29 or 3.06 per cent on the NSE today at 11.57 am. Amar Sarin, Managing Director & CEO, highlighted the project's success, attributing it to the company's customer-centric strategy and ...Read More >
Bengaluru, November 27, 2024: SuperGaming's highly anticipated Indo-futuristic Battle Royale game, Indus, has achieved a significant milestone, surpassing 5 million downloads on the Google Play Store and over 100,000 installs on the iOS App Store. This remarkable feat solidifies its position as one of India's fastest-growing games. The title has also been recognized as the Best Made in India Game by Google Play in their prestigious Best of 2024 awards. Indus has captivated players with its distinctive Indo-futuristic world setting that seamlessly blends Indian culture with futuristic aestheti ...Read More >
The Maha Vikas Aghadi (MVA) coalition is now gearing up for a national protest after losing Maharashtra state elections. The Maha Vikas Aghadi (MVA) coalition, which suffered a crushing defeat in last week's Maharashtra state elections, is now gearing up for a national protest against the credibility of Electronic Voting Machines (EVMs), which it blames for its loss. The MVA, led by the Congress, Shiv Sena (Uddhav Thackeray faction), and the Nationalist Congress Party (NCP) (led by Sharad Pawar), is planning to challenge the use of EVMs in court and demand a return to ballot paper voting. Fo ...Read More >
Parth Jindal, co-owner of the Delhi Capitals, welcomed new purchase KL Rahul with open arms and vowed to treat the experienced India batter with 'love and respect'. Rahul had a controversial exit from his previous franchise Lucknow Super Giants. The post-match scenes from the last IPL - which captured LSG owner Sanjiv Goenka publicly having an outburst on his captain, Rahul - were indications of cracks forming between the two. They even met at a dinner soon after to sort everything out, but it only lasted a little while. Finally, when the franchise did not retain Rahul, it became clear that th ...Read More >
The Supreme Court on Monday stayed further recovery of an outstanding tax demand from news portal NewsClick, directing the company's banker not to release any more money to the tax department based on a 2023 notice, and allowing the portal to use its two bank accounts for daily operations. The order was passed by a bench headed by justice BV Nagarathna on an application moved by PPK Newsclick Studio Limited, which alleged that ICICI Bank was not allowing the company to use its accounts despite a top court order to this effect passed on August 9. The tax department had raised the demand again ...Read More >
Severe air pollution in northern India has led to a surge in demand for respiratory medications, with Foracort becoming India’s top-selling drug in October. The inhaler, used to treat asthma and COPD, recorded Rs 75 crore in sales, surpassing popular medicines like Augmentin and Glycomet-GP. Manufactured by Cipla, Foracort combines budesonide and formoterol for effective dual-action therapy. Other respiratory drugs, Duolin and Budecort, also saw increased sales. With Delhi’s Air Quality Index reaching hazardous levels, the rise in respiratory issues underscores the urgent need for better healt ...Read More >
Infosys has announced an average 85% performance bonus for eligible employees in Q2 FY25, reflecting its strong financial performance. The bonus, paid to mid- and junior-level staff, will be credited with the November salaries, with individual payouts varying based on performance. This follows Infosys' impressive 4.7% rise in Q2 net profit and a revenue increase of 5.1%, leading to an upward revision of its FY25 revenue guidance. The bonus payout surpasses the previous quarter's 80%, with Infosys outpacing rivals like TCS. Employees are also awaiting salary hikes, with revisions expected from ...Read More >
SynopsisOn the technical charts, the RSI of the stock stood at 49.49.Shares of Bajaj Holdings & Investment Ltd. traded 1.41 per cent at Rs 10447.00 at 01:30PM (IST) on Tuesday, even as BSE benchmark Sensex 227.01 points to 79882.84. The stock had closed at Rs 10596.80 in the previous session. The stock quoted a 52-week high price of Rs 11348.50 and 52-week low of Rs 7212.00, respectively. As per BSE data, total traded volume on the counter till 01:30PM (IST) stood at 638 shares with a turnover of Rs 0.68 crore. At the prevailing price, shares of the company traded at 15.71 times its trailing ...Read More >
Chief Minister Mohan Yadav has expressed his gratitude to Prime Minister Modi and the Union Cabinet for approving 3 multitracking projects of the Railway Ministry worth Rs 7 thousand 927 crore. Chief Minister Yadav said that the state is making rapid progress under the able leadership of Prime Minister Modi, due to the increasing network of railways in the state, and transportation for the people of the state has also become fast and easier. The people of the state are grateful to Prime Minister Narendra Modi and Railway Minister Ashwini Vaishnaw for the continuous new developments and contri ...Read More >
JAMMU, Nov 17: Maharashtra police along with Military Intelligence and Army have arrested nine persons hailing from the border district of Rajouri for taking up jobs as security guards in different cities in Maharashtra and carrying weapons with fake licenses. Nine 12-bore rifles and 58 bullets have been recovered from their possession. Follow the Daily Excelsior channel on WhatsApp The arrests were made during a joint operation of Ahilyanagar (formerly Ahmednagar) police in Maharashtra, Southern Command and Military Intelligence on the basis of tip off that some persons from Rajouri distric ...Read More >
During Tuesday's trading session, the shares of a global leader in glass-lined equipment surged nearly 3 percent to Rs. 1,247.5 on BSE, after a foreign portfolio investor (FPI) bought shares worth a total of around Rs. 167.4 crores in the company via a bulk deal. With a market capitalisation of Rs. 5,524 crores, at 02:19 p.m., the shares of GMM Pfaudler Limited were trading in the green at Rs. 1,228.7, up by nearly 1.4 percent, as compared to its previous closing price of Rs. 1,211.3. As per the latest block deal available with the NSE, foreign portfolio investor Amansa Holdings Private Limi ...Read More >
New Delhi: The IPL 2025 mega auction has concluded, with all teams finalizing their squads of at least 18 players. As is often the case, the RCB management finds itself under scrutiny for its player selections. Retaining only three players -- Virat Kohli, Rajat Patidar, and Yash Dayal -- RCB entered the auction with three RTM (Right to Match) cards but opted to use just one, securing Swapnil Singh. Former Indian cricketer Mohammad Kaif expressed his thoughts on RCB's decision to let Will Jacks go to Mumbai Indians for ₹5.25 crore in the IPL 2025 auction. Kaif termed it a "massive miss" for RC ...Read More >