What are the allegations against Anil Ambani?

India Jan 05, 2021

According to the reports of - the  State Bank of India , Union Bank of India and the Indian Overseas Bank . Anil Ambani led three Reliance entities -

Reliance Communications

Reliance infratel

and Reliance Telecom

have been accused of fraudulent accounting . Meanwhile Reliance Communication is already going under bankruptcy .

In a recent tweet of Prashant Bhushan - the public interest lawyer in the Supreme Court of India . He stated that Reliance Communication , "Reliance Infratel & Reliance Telecom owe lenders 86,188 Cr. Yet no action by our watchman! ".

This has sparked a new controversy among the people demanding strict actions to be taken against the fallen billionaire who also recently claimed as net worth to be zero.

The Delhi High Court has, however, directed Union Bank of India and Indian Overseas Bank to maintain the status quo in a matter pertaining to the classification of accounts as fraudulent until the next hearing on January 13.

In response HW News’ Business Editor Akhilesh Bhargava said: “Sure, the balloon has burst. But who was pumping gas in the balloon? Indian bankers are as responsible as Mr Ambani that things have come to this point. The situation of the company has been shaky for the last few years. At a time when Vodafone was struggling to stay afloat, RCom was being handed over loans. What was RCom doing right? The role of bankers is as dubious as the RCom’s in this matter.”

The authorities of the three entities have chosen to be silent on the topic and the only statement that came as a response to the accusation was that "It is being falsely and mischievously stated in a section of social media that RCOM Group of companies owe Rs. 86,188 crore to Indian banks and financial institutions. have put out this statement,"

Some spectate that it is a good opportunity for Mukesh Ambani to acquire Reliance communication and get out of this trouble.

This article has been written by Shreyashi Bohre for The Paradigm

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