Reliance Communications and Reliance Telecom Subsidiary Classified as 'Fraud' by Canara Bank

Reliance Communications Ltd. (RCOM) and its subsidiary, Reliance Telecom Ltd. (RTL), have received letters from Canara Bank stating that their accounts have been classified as 'fraud'. The letters also mention that the banks have ordered to report RCOM and RTL to the Reserve Bank of India (RBI) to get it reflected in the Central Fraud Registry. This disclosure is made in accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. RCOM is undergoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016, and RTL's resolution plans have been approved by its committee of creditors and are awaiting approval from the National Company Law Tribunal (NCLT).