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An update from Reliance Communications Limited ( (IN:RCOM) ) is now available.
Reliance Communications Limited has disclosed a fraudulent transaction involving a suspended director, Mr. Punit Garg, who unauthorizedly facilitated the sale of an asset belonging to Bonn Investments Inc., a subsidiary of RCOM. The sale proceeds were diverted to AZCO Real Estate Brokers LLC in Dubai. This transaction, which occurred during RCOM’s insolvency resolution process, could potentially impact the company’s investment value in Bonn if the USD 8.2 million is not recovered. An application has been filed against Mr. Garg under the Insolvency and Bankruptcy Code to seek appropriate reliefs.
More about Reliance Communications Limited
Reliance Communications Limited operates in the telecommunications industry, providing a range of communication services. The company has been undergoing a corporate insolvency resolution process since June 2019, with its operations and assets managed by a resolution professional.
YTD Price Performance: -26.00%
Average Trading Volume: 1,905,889
Current Market Cap: 4.09B INR
For detailed information about RCOM stock, go to TipRanks’ Stock Analysis page.