14 September 2022
Investors who invested in a company of Anil Ambani cried overnight. The price of this share is zero. The business of this company has come to a standstill in the stock market. Anil’s companies are in debt.
If you also invest in the stock market, then this news is of great use to you. Anil Ambani’s company Reliance Capital’s share price has become zero due to non-payment of debt. Reliance Capital is a subsidiary of Anil Ambani’s Reliance Group. At present, trading has been stopped in this, as well as all the shares have been debited from demat.
Public shareholding in Reliance Capital was more than 94 per cent. It simply means that retail investors were more in it and also suffered the most. RBI files NCLT against Reliance Capital. This action was taken under the insolvency proceedings against Reliance Capital.
Reliance Capital was providing finance related services to the customers. The company, which is part of Mid Cap-50, was providing services related to life, general and health insurance. Apart from this, Reliance Capital has also provided services in areas like Commercial, Home Finance, Equity and Commodity Broking. Investors have become upset after the price of these shares went to zero.
Reliance Capital has been in debt for a long time. On Wednesday, a committee reviewed the resolution process of the company. Six companies, including IndusInd Bank, Oaktree Capital and Torrent Group, had bid for the acquisition of the Reliance Group company, a process that was completed on August 29. The company’s 18th meeting of creditors was held in Mumbai, Reliance Capital said in a stock market filing.
Trading in shares of Reliance Naval and Engineering has also been suspended. The company is also going through bankruptcy proceedings under the Insolvency and Bankruptcy Code. For this reason, these shares have been placed under Additional Monitoring Measures (ASM). After coming to ASM, these shares can be traded only once in a week.
Well-known industrialist Anil Ambani’s Reliance Communications Ltd had taken a short-term loan of Rs 250 crore from Dena Bank in February 2017. It has not been paid for yet. In such a situation, there is a possibility that Ambani’s troubles will increase.
Summons in 250 crore loan repayment case
The loan was taken from Dena Bank in 2017. In February 2017, Reliance Communications Limited, owned by well-known businessman Anil Ambani, got Rs. 250 crore short term loan taken. But, even after 4 years, this loan has not been repaid yet. The loan was not repaid despite repeated written notices.
Bank of Baroda has been asked to issue warrants against Reliance Communications and Anil Ambani. Bank of Baroda has demanded that warrants be issued against Reliance Communications Ltd, Anil Dhirubhai Ambani and Puneet Garg, while Suresh Rangachar, Manikant Viswanathan, Vishwanath D and Jaywant Prabhu be summoned again.
On January 2017, Reliance Communications received Rs. Applied in Dena Bank for approval of short-term loan of 250 crores. Later in February 2017, Dena Bank sanctioned the loan. It also allows repayment from the company’s assets or excess cash flows in case of default. However, Dena Bank approached the court for non-payment of the loan despite the passage of time. The accounts of Reliance Communications were classified as non-performing assets as on December 31, 2017 as a result of payment in accordance with the Act and the 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. However, Dena Bank was merged with Bank of Baroda in 2019. After the merger, Bank of Baroda executed the Power of Attorney. The complaint was filed against Reliance Communications Limited, Anil Dhirajlal Ambani, Puneet Garg, Suresh Rangachar, Manikant Viswanathan, Vishwanath D and Jaywant Prabhu. However, this loan was not repaid by Reliance Communications.
The matter is pending in Court No. 58 of Bandra Metropolitan Magistrate Court. Considering the gravity of the incident, Chief Metropolitan Magistrate M.Y. Wagh has ordered summons to Anil Ambani and six others in the case on August 30.