Reliance Communications receives ‘show cause notice’ from Central Bank of India against ₹400 cr loan fraud
Reliance Communications received a show-cause notice from the Central Bank of India, calling the company to ’show cause’ and make submissions as to why the account of the company should not be declared as ‘fraud’.
The bank termed Reliance Comm’s loan account as ‘fraud’ for non-repayment of ₹400 cr loan. This includes ₹280 cr term loan for Reliance Comm., ₹20 cr of term for Reliance Telecom and ₹100 cr of performance bank guarantee issued to Reliance Telecom.
