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Reliance Communications Limited ( (IN:RCOM) ) has provided an announcement.
Reliance Communications Limited has disclosed that UCO Bank has classified its loan accounts as ‘fraud’. This development comes as the company is undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The loans in question pertain to a period before the insolvency process began, and their resolution is part of the ongoing legal proceedings. The company has also initiated a review of transactions identified as avoidance transactions, with applications filed for resolution in accordance with the applicable legal framework.
More about Reliance Communications Limited
Reliance Communications Limited operates in the telecommunications industry, offering a range of communication services. The company is currently under a corporate insolvency resolution process, with its operations managed by a Resolution Professional.
Average Trading Volume: 1,493,683
Technical Sentiment Signal: Sell
Current Market Cap: 3.84B INR
For a thorough assessment of RCOM stock, go to TipRanks’ Stock Analysis page.