Anil Ambani, RCom loan accounts tagged 'fraud' by Bank of Baroda
RCom said a resolution plan has been approved by the committee of creditors of the company in line with the IBC, and is presently awaiting approval of the National Company Law Tribunal (NCLT).
- Sep 5, 2025,
- Updated Sep 5, 2025 8:55 AM IST
Bank of Baroda (BoB) has declared the loan accounts of Reliance Communications Ltd (RCom) and its former director Anil Dhirajlal Ambani as "fraud".
"This is to inform you that Reliance Communications Ltd (Company) has received the aforementioned Letter dated September 02, 2025 (received on September 03, 2025), from Bank of Baroda inter alia, stating that Bank of Baroda has decided to classify the loan accounts of the Company and Shri Anil Dhirajlal Ambani (in his capacity as the promoter and director of the Company (erstwhile) as 'Fraud'," RCom said in a BSE filing on Thursday.
As per the Insolvency and Bankruptcy Code (IBC), they are required to be resolved as part of a resolution plan or in liquidation, as the case may be, it added.
RCom said a resolution plan has been approved by the committee of creditors of the company in line with the IBC, and is presently awaiting approval of the National Company Law Tribunal (NCLT).
The company noted it is under the control of the resolution professional and that Ambani has ceased to be its director.
The filing further said that RCom is seeking legal advice on the action taken by BoB.
On Friday, Ambani denied allegations after BoB classified the loan account of RCom and himself as "fraud". A spokesperson said the matter relates to events dating back to 2013 and stressed that Ambani served only as a Non-Executive Director on RCom's board from 2006 to 2019, with no role in the company's daily operations or decision-making.
The statement added that RCom had a consortium of 14 banks, and select lenders have now initiated proceedings "in a staggered and selective manner." Ambani categorically rejected the charges and said he will pursue legal remedies available to him.
Meanwhile, the PSU lender's labeling of RCom's account as a fraud further compounds Ambani's challenges. The businessman is already being probed by the Enforcement Directorate (ED) over alleged loan irregularities involving his group companies.
Bank of Baroda (BoB) has declared the loan accounts of Reliance Communications Ltd (RCom) and its former director Anil Dhirajlal Ambani as "fraud".
"This is to inform you that Reliance Communications Ltd (Company) has received the aforementioned Letter dated September 02, 2025 (received on September 03, 2025), from Bank of Baroda inter alia, stating that Bank of Baroda has decided to classify the loan accounts of the Company and Shri Anil Dhirajlal Ambani (in his capacity as the promoter and director of the Company (erstwhile) as 'Fraud'," RCom said in a BSE filing on Thursday.
As per the Insolvency and Bankruptcy Code (IBC), they are required to be resolved as part of a resolution plan or in liquidation, as the case may be, it added.
RCom said a resolution plan has been approved by the committee of creditors of the company in line with the IBC, and is presently awaiting approval of the National Company Law Tribunal (NCLT).
The company noted it is under the control of the resolution professional and that Ambani has ceased to be its director.
The filing further said that RCom is seeking legal advice on the action taken by BoB.
On Friday, Ambani denied allegations after BoB classified the loan account of RCom and himself as "fraud". A spokesperson said the matter relates to events dating back to 2013 and stressed that Ambani served only as a Non-Executive Director on RCom's board from 2006 to 2019, with no role in the company's daily operations or decision-making.
The statement added that RCom had a consortium of 14 banks, and select lenders have now initiated proceedings "in a staggered and selective manner." Ambani categorically rejected the charges and said he will pursue legal remedies available to him.
Meanwhile, the PSU lender's labeling of RCom's account as a fraud further compounds Ambani's challenges. The businessman is already being probed by the Enforcement Directorate (ED) over alleged loan irregularities involving his group companies.