In a first, Anil Ambani threatened with class action suit at AGM

MUMBAI: Massive erosion of wealth due to poor performance leading to frequent rating downgrades has forced irate shareholders of the Anil Ambani Group companies to complain against the management and threaten to file class action suit. Speaking at the AGM of Reliance Power here on Monday, a shareholder even threatened to make history by filing … Read moreIn a first, Anil Ambani threatened with class action suit at AGM

Reliance Capital hopes to shutter two lending arms by December

MUMBAI: Facing headwinds, Anil Ambani-run Reliance Capital, which has credit as well as insurance and mutual fund verticals, has decided to shutter its two lending arms by December, the company said Monday. Reliance Capital has two credit verticals — Reliance Commercial Finance and Reliance Home Finance — with a cumulative asset of over Rs 25,000 … Read moreReliance Capital hopes to shutter two lending arms by December

Unit Of Anil Ambani’s Reliance Communications Files For Bankruptcy

Anil Ambani-controlled Reliance Naval & Engineering said recently it is facing an acute cash-flow crunch A unit of Reliance Communications Ltd., Anil Ambani’s distressed telecom firm, has filed for bankruptcy protection. GCX Ltd., which owns the world’s largest private undersea cable system, is the latest company owned by the tycoon to stumble. The former billionaire’s … Read moreUnit Of Anil Ambani’s Reliance Communications Files For Bankruptcy

Emami said to pick Arpwood, Credit Suisse for cement unit sale

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By Baiju Kalesh & P R Sanjai Emami Group., an Indian conglomerate that runs businesses from cosmetics to a paper mill, has picked Arpwood Capital Ltd. and Credit Suisse Group AG to manage the sale of its cement unit, people familiar with the matter said. The bankers will start reaching out to prospective buyers for … Read moreEmami said to pick Arpwood, Credit Suisse for cement unit sale

NCLAT reserves order on admission of contempt plea filed against Anil Ambani, other officials

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) on Wednesday reserved its order over admission of contempt petition filed against Reliance Group Chairman Anil Ambani and its other officials by minority shareholders alleging non-payment of dues by Reliance Infratel. A two-member bench, headed by NCLAT Chairman Justice S J Mukhopadhaya, said it will decide … Read moreNCLAT reserves order on admission of contempt plea filed against Anil Ambani, other officials

Chinese Banks Demand $2.1 Billion From Embattled Anil Ambani’s Firm

Chinese Banks Demand $2.1 Billion From Embattled Anil Ambani

Anil Ambani’s Reliance Communications on Monday released list of financial creditors Chinese lenders, including China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China, have demanded at least $2.1 billion from embattled tycoon Anil Ambani’s Reliance Communications Ltd., that slid into bankruptcy earlier this year. State-owned China Development Bank, with loans … Read moreChinese Banks Demand $2.1 Billion From Embattled Anil Ambani’s Firm

Claims against RCom swell to Rs 57,382 cr; Reliance ADAG companies among claimants

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NEW DELHI: Claims against Reliance Communications (RCom) have risen to Rs 57,382.5 crore with new entities, including some Reliance Anil Dhirubhai Ambani Group companies, joining the creditors’ list, according to a regulatory filing. Interim Resolution Professional (IRP) Pardeep Kumar Sethi, however, admitted dues of Rs 30 crore out of fresh claims of Rs 8,189 crore, … Read moreClaims against RCom swell to Rs 57,382 cr; Reliance ADAG companies among claimants

Reliance Infrastructure reports biggest ever loss; auditors raise concern over business

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MUMBAI: Anil Ambani-led Reliance Infrastructure (RInfra) has reported a net loss of Rs 3,301 crore in the fourth quarter of 2018-19, its biggest ever, as the company undertook impairment and write-offs of over Rs 8,500 crore. The auditors have raised questions about the company’s ability to continue in business. RInfra set-off exceptional losses against Rs … Read moreReliance Infrastructure reports biggest ever loss; auditors raise concern over business

View: Elementary, my dear auditors

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In extraordinary times, when patients die, doctors get beaten up by a lynch mob. When companies fail, auditors are hauled over the coals. These are indeed extraordinary times. Two top auditors, Deloitte Haskins & Sells and BSR & Co (part of KPMG), are facing the prospect of a ban over their handling of the audit … Read moreView: Elementary, my dear auditors

Reliance Group has met Rs 35,000 crore debt obligations in past 14 months: Anil Ambani

Seeking to allay investor concerns after stocks of his group firms took a beating on the bourses, Reliance Group Chairman Anil Ambani Tuesday said his group is committed to meet all payment obligations in a timely manner and has already serviced debt worth Rs 35,000 crore in last 14 months. In a conference call with … Read moreReliance Group has met Rs 35,000 crore debt obligations in past 14 months: Anil Ambani

Gasping NBFCs need urgent help: Anil Ambani

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MUMBAI: Reliance Group chairman Anil Ambani said nonbanking financial companies (NBFCs) are facing a fullblown crisis. “The sector has gone into ICCU (intensive coronary care unit) over the past eight months,” he said in an interview focussed on Reliance Capital and the problems facing NBFCs. “The contagion and cascading effect on the economy is clearly … Read moreGasping NBFCs need urgent help: Anil Ambani

Radio City to acquire 40 Big FM stations for Rs 1,050 crore

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MUMBAI: Music Broadcast Ltd (MBL), a subsidiary of Jagran Prakashan, will acquire Reliance Broadcast Network (RBN), which houses private FM brand Big FM, in a two-part deal for Rs 1,050 crore. ET first reported that Anil Ambani-owned company has found a new buyer in Jagran Prakashan and the possible valuation of up to Rs 1,200 … Read moreRadio City to acquire 40 Big FM stations for Rs 1,050 crore

Anil Ambani To Withdraw Defamation Suits Against Congress, National Herald

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Reliance Group had earlier filed civil defamation suits against several Congress leaders. Ahmedabad:  Anil Ambani’s Reliance Group has decided to withdraw the Rs 5,000-crore civil defamation suits filed in an Ahmedabad court against Congress leaders and National Herald newspaper over their statements and an article on the controversial Rafale fighter jet deal. The suits were … Read moreAnil Ambani To Withdraw Defamation Suits Against Congress, National Herald

Reliance Capital protests downgrade, says will cut debt by 50%

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By Pratik Parija and Anurag Joshi Reliance Capital Ltd., Anil Ambani’s financial services company, protested against a three-step downgrade by Care Ratings that put its credit score two notches above junk. Care Ratings cut the firm’s long-term debt program to BBB from A and kept it on credit watch with developing implications, according to statements … Read moreReliance Capital protests downgrade, says will cut debt by 50%

Rahul Gandhi mocks ‘workaholic’ PM, dares him to debate

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Congress president Rahul Gandhi Saturday took a jibe at Prime Minister Narendra Modi’s reported punishing work schedule and dared him to debate on it, claiming the latter would lose face in fifteen minutes. Speaking at a rally in Khargone Lok Sabha seat, Gandhi said Modi’s “balloon” would burst when the results are declared on May … Read moreRahul Gandhi mocks ‘workaholic’ PM, dares him to debate

Did rating companies factor in debt MF risks? Sebi wants to know

The Securities and Exchange Board of India (Sebi) is conducting a detailed examination of credit rating agencies and how well they assessed loans against shares given by debt mutual funds, some of which have been rocked by corporates unable to make repayments. That has meant mutual funds being unable to pay subscribers of fixed maturity … Read moreDid rating companies factor in debt MF risks? Sebi wants to know

NCLT begins bankruptcy process for Anil Ambani’s Reliance Communications

MUMBAI: The lenders to the crippled Reliance Communications (RCom) Tuesday moved NCLT to appoint a new resolution professional and form a committee of creditors, the first step to begin the bankruptcy process of the Anil Ambani group company that owes close to Rs 50,000 crore to 31 lenders led by State Bank of India. Meanwhile, … Read moreNCLT begins bankruptcy process for Anil Ambani’s Reliance Communications

Where politicians invest: Mutual funds, RIL, and even Kingfisher Airlines

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Fixed deposits and tax-free bonds seem to be among the most favoured financial investments for the political leaders fighting the Lok Sabha polls, while mutual funds and stocks also adorn the portfolios of many and some even have got shares of long-defunct firms like Kingfisher Airlines. Shares of Mukesh Ambani-led Reliance Industries Ltd (RIL), the … Read moreWhere politicians invest: Mutual funds, RIL, and even Kingfisher Airlines

Mukesh Ambani Backs Congress’s Mumbai South Candidate Milind Deora As Brother Anil Ambani Faces Party Attack

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Mukesh Ambani, in a video shared by Milind Deora, said he was “the man for South Mumbai” Mumbai:  Reliance chairman Mukesh Ambani has endorsed Congress leader Milind Deora, who is contesting from Mumbai South constituency in Maharashtra in the national election, in a video tweeted by the candidate. That places Mukesh Ambani on the opposite … Read moreMukesh Ambani Backs Congress’s Mumbai South Candidate Milind Deora As Brother Anil Ambani Faces Party Attack

Unfortunate Coincidence: ‘Rafel’ Village Wants Name Change But Not Why You Think

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New Delhi: Rafale is the French jet at the Centre of controversy and ‘Rafel’ the name of their village. It’s an unfortunate coincidence that makes them the butt of jokes and attracts negative attention, say residents of the Chhattisgarh hamlet who desperately want a name change. The small village, home to about 200 families, falls … Read moreUnfortunate Coincidence: ‘Rafel’ Village Wants Name Change But Not Why You Think

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