State-owned China Development Bank, with loans worth 98.6 billion rupees ($1.4 billion) was the biggest creditor to the indebted telecom company, according to a filing made by the Indian company to stock exchanges.
PWC cited the companies' failure to convene audit committee meetings within the expected time, despite multiple letters of intent sent to them, as one of the reasons for the resignation, the firms had informed stock exchanges.
Speaking over a conference call, Ambani said that this amount included inter alia debt servicing payments by Reliance Capital Group, Reliance Power group and Reliance Infra Group, and their respective affiliates.
Reliance Group had filed the suits in the Ahmedabad City Civil and Sessions Court in 2018, demanding Rs 5,000 crore in damages for causing “considerable damage” to the reputation of the plaintiff firms.
At the last hearing, Rcom, through the existing resolution professional, had sought 357 days (from May 30, 2018, to April 30, 2019) exclusion in the insolvency process citing the stays it had on the process by the appellate tribunal and the Supreme Court.
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Mumbai, Jan 11 (ANI): Reliance Defence has signed an accord with Andhra Pradesh Government to set up a naval facility along the country’s coast with an initial investment of Rs.50 billion. Reliance Defence, a unit of billionaire Anil Ambani’s Reliance Infrastructure, plans to build submarines and aircraft carriers as well as to provide services including maintenance and refitting of ships at the facility. Reliance Chairman Ambani cited estimates saying the Indian navy could spend nearly 200 billion rupees annually over the next 15 years on acquisitions and fleet modernisation of submarines and aircraft carriers.