Reliance Jio Infocomm (Jio) has shifted the bankruptcy court for Reliance Communications’ (Rcom) unit, Reliance Infratel, asking for closures of the forensic audit reports of the tower organization whose accounts, along with its parent’s, were named as fraud by some of its lenders.
The bench said Jio to furnish application copies to all parties and told them to list their replies via adjourning the hearing to June 10.
On December 3, the National Company Law Tribunal’s (NCLT) Mumbai bench closed Jio’s resolution strategy to pick the tower and fibre assets of RCom – housed under the Reliance Infratel – for less than Rs4,000 crore which would have been given to lenders.
Weeks after, State Bank of India ,Indian overseas Bank and Union Bank of India classified accounts of the bankrupt telco being Reliance Telecom and Reliance Infratel – as a fraud . The allegations came after a year when forensic audit had questionable transactions for over Rs 5,500 crore in three Anil Ambani Reliance Group companies.
It was looked at the transactions between May 2017 and March 2018 and was found that three large industries were buried under lakhs of others that the SBI-led group of lenders suspected that something like this could conceal fund diversion.
Jio through its unit, Reliance Project and Property Management Services, fixed the audit details via the Reliance Infratel’s Committee of Creditors (CoC) including Union Bank , SBI including the Indian Overseas Bank, on Thursday. Resolution profession for the RCom with two units is Deloitte which is also a part of CoC.
RCom was forced to close its wireless operations in late 2017. Rcom tried to sell its wireless assets, like the towers and spectrum, to Jio, but wasn’t able to because of legal cases.
