The case is going on in court number 58 of the Bandra Metropolitan Magistrate’s Court and the next hearing will be held on the 12th.
Mumbai: Famous businessman Anil Ambani’s Reliance Communications Limited took a short-term loan of 250 crores from Dena Bank in February 2017. However, even after 4 years, this loan has not been repaid. This loan was not repaid despite repeated written instructions. Therefore, now there is a possibility that the problems will increase for Anil Ambani, the managing director of the company.
In January 2017, Reliance Communications Limited applied to Dena Bank for approval of a short-term loan of Rs 250 crore. Following this, in February 2017, Dena Bank approved the loan. It also allowed for repayment to be made from the company’s assets or excess cash flow in case of default. However, due to non-payment of the loan even after the passage of time, Dena Bank approached the court. Accounts of Reliance Communications Limited were classified as non-performing assets on December 31, 2017 as a result of payment as per the Act and guidelines issued by the Reserve Bank of India.
In September 2018, Dena Bank filed a complaint against Reliance Communications Limited under Sections 138, 141 and 142 of the Negotiable Instruments Act, 1881.Dena Bank was merged with Bank of Baroda in 2019 and after the merger, Bank of Baroda executed Power of Attorney. The complaint was filed against Reliance Communications Limited, Anil Dhirajlal Ambani, Punit Garg, Suresh Rangachar, Manikanthan Viswanathan, Viswanath D and Jaywant Prabhu. However, still the loan from Reliance Communications Limited has not been cleared.
The case is going on in court number 58 of the Bandra Metropolitan Magistrate’s Court and the next hearing will be held on the 12th. Considering the seriousness of the case, Chief Metropolitan Magistrate MY Wagh on August 30 ordered to issue summons for Anil Ambani and 6 others.
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.