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New Delhi, August 1: A Look Out Circular (LOC) was issued on Friday against Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani, on the request of the Enforcement Directorate (ED), in connection with an alleged Rs 17,000-crore loan fraud case. Anil Ambani has been asked to appear at the ED headquarters in the national capital on August 5, according to people familiar with the matter. Last week, the agency carried out searches across 35 locations in Mumbai linked to Anil Ambani's Reliance Gr ...Read More >
Starlink India: Elon Musk-led Satcom giant Starlink, as well as domestic telecom majors, Mukesh Ambani-owned Reliance Jio and Sunil Mittal's Bharti Airtel, have acquired the necessary licenses for operating satellite communication services in India, which is expected to transform the country's digital landscape by providing internet and voice connectivity in remote regions where conventional telecom network struggle to reach. According to media reports, Elon Musk's Starlink, Reliance Jio-SES JV ...Read More >
MUMBAI: Canara Bank on Thursday informed the Bombay HC that it has withdrawn an order that classified Anil Ambani's loan account connected to Reliance Communications, which is undergoing insolvency proceedings, as 'fraudulent'. The HC bench then disposed of a petition filed by Ambani challenging the bank's Nov 8 order. The bank had classified the loan account as 'fraud' for reasons including that a Rs 1,050-crore-loan given in 2017 was routed through a company to pay other liabilities to related ...Read More >
Mumbai: Reliance Group Chairman and Managing Director Anil Ambani has secured a legal victory against one of India's biggest public sector banks. Canara Bank, the lead lender in the Reliance Communications (RCOM) case, has backed off after branding Ambani a "fraud". And it did not even wait for a full trial. It simply folded. On July 10, the bank informed the Bombay High Court that it would unconditionally withdraw its "fraud classification" against Ambani in the high-profile RCOM matter. No st ...Read More >
New Delhi, Jul 3 (PTI) Reliance Infrastructure and Reliance Power on Thursday said that State Bank of India's move to classify the loan account of Reliance Communications as fraud has no impact on their business operations and financial performance. The development also has no impact on their shareholders, employees, or any other stakeholders, the two Anil Dhirubhai Ambani group (ADAG) companies stated in separate exchange filings. The ADAG companies said they are separate and independent list ...Read More >
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 tra ...Read More >
New Delhi, Jul 2 (PTI) State Bank of India (SBI) has decided to classify the loan account of beleaguered telecom firm Reliance Communications as "fraud" and report the name of its erstwhile director Anil Ambani to the Reserve Bank of India (RBI). The move is expected to be followed by other lenders who have given loans to Reliance Communications Ltd (RCom). Reliance Communications, in a regulatory filing, said it has received a letter dated June 23, 2025, from State Bank of India (SBI) to this ...Read More >
New Delhi: State Bank of India (SBI) has decided to classify the loan account of beleaguered telecom firm Reliance Communications as "fraud" and to report the name of its erstwhile director -- Anil Ambani to the Reserve Bank of India (RBI). The move is expected to be followed by other lenders who have given loans to Reliance Communications Ltd (RCom). Reliance Communications in a regulatory filing said that it has received a letter dated June 23, 2025 from the State Bank of India (SBI) to this ...Read More >
NEW DELHI: The Nifty Pharma index traded negative around 10:51AM(IST)on Wednesday in a weak market. Mankind Pharma Ltd.(up 1.71 per cent), Sun Pharmaceutical Industries Ltd.(up 0.69 per cent), Aurobindo Pharma Ltd.(up 0.63 per cent), Lupin Ltd.(up 0.48 per cent) and Laurus Labs Ltd.(up 0.41 per cent) were among the top gainers. Gland Pharma Ltd.(down 1.66 per cent), Torrent Pharmaceuticals Ltd.(down 1.29 per cent), Natco Pharma Ltd.(down 1.26 per cent), Cipla Ltd.(down 0.57 per cent) and Dr. R ...Read More >
New Delhi, July 2 (SocialNews.XYZ) The State Bank of India (SBI) has decided to report the loan account of Reliance Communications as "fraud" in a case that dates back to August 2016. Reliance Communications said in an exchange filing that this disclosure is being made pursuant to the rules of the Securities and Exchange Board of India (SEBI). "This is to inform you that Company has received letter dated June 23, 2025 (received on June 30, 2025) from SBI (marked to he Company and its erstwhile ...Read More >
New Delhi, Jun 27 (PTI) The total number of telecom subscribers in India grew marginally to 120.7 crore in May with Reliance Jio and Bharti Airtel adding over 99 per cent new customers during the month, according to data published by sector regulator Trai on Friday. The total net subscriber addition by telecom service providers was 43,58,231 while Reliance Jio and Bharti Airtel jointly added 43,51,294, thereby accounting for 99.84 of the total net subscriber addition in May. Also Read | Bodola ...Read More >
New Delhi, Jun 27 (PTI) The total number of telecom subscribers in India grew marginally to 120.7 crore in May with Reliance Jio and Bharti Airtel adding over 99 per cent new customers during the month, according to data published by sector regulator Trai on Friday. The total net subscriber addition by telecom service providers was 43,58,231 while Reliance Jio and Bharti Airtel jointly added 43,51,294, thereby accounting for 99.84 of the total net subscriber addition in May. The overall growth ...Read More >
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