INSUBCONTINENT EXCLUSIVE:
MUMBAI: An unprecedented war of words broke out between Anil Ambani-led Reliance Group and lenders LT Finance and Edelweiss with the younger
The lenders refuted the allegations in strongly-worded responses of their own saying that the Reliance Group companies did not fulfil
contractual obligations and that frequent defaults by the borrower left them with no choice.
Shares of the Anil Ambani group companies
wilted under heavy selling pressure this week after Reliance Communications had announced its decision to move the insolvency tribunal for
Since February 4, Reliance Communications has plunged 54%, Reliance Power has declined 59%, Reliance Capital has lost 32% while Reliance
The fall prompted lenders to sell pledged shares, with LT Finance selling 20 million shares of Reliance Communications, 7.8 million shares
of Reliance Capital, 4.9 million shares of Reliance Infrastructure and 62.5 million shares of Reliance Power, on Thursday
market sales, without any attempts whatsoever at orderly market disposal through a bid or structured process for shares comprising the
holding of the promoter group, is also illegal on several counts, including amongst others, price manipulation, insider trading, front
Consequently, LT Finance enforced its rights of invocation and sold pledged shares to the extent of its outstanding dues by following the
fulfil contractual obligations
Edelweiss group once again gave due opportunity for remediation
Since there was no response from Reliance ADAG Group, it necessitated liquidation of the collateral as per the agreed contractual
troubles associated with promoters who had pledged their holdings in bigger listed companies to raise money for personal investments
The company has debt of about Rs 42,000 crore
On Monday, RCom approached National Company Law Appellate Tribunal (NCLAT) to withdraw its appeal against a May 2018 National Company Law
Tribunal (NCLT) order that had admitted bankruptcy proceedings
The tribunal ruled that RCom cannot sell movable or immovable assets without permission of either the Supreme Court or the tribunal till
