Arms loans impacted Rs 1,755 crore on Reliance Capital in FY20: Audit | Techno Glob

Loans granted by Reliance Capital to various entities of the group in 2019-2020 had a financial impact of more than Rs 1,755 crore, according to a transaction audit report submitted to the trustee of the related company. insolvency.

Trustee of Reliance Capital appointed under the Insolvency and Bankruptcy Code 2016 has taken the assistance of Transactions Auditor BDO India LLP to conduct an investigation into the company’s affairs relating to the company’s transactions .

Based on the submissions of the auditor of the transaction, the administrator on October 22, 2022 filed claims regarding disbursements to a total of seven companies before the Mumbai bench of the National Company Law Tribunal (NCLT), Reliance said. Capital in various regulatory filings. Friday.

All of these transactions were in the nature of loans granted by Reliance Capital to the entities concerned. In documents filed separately with the exchanges, the administrator, based on the BDO report, said there was an estimated impact of Rs 1,142.08 crore through a loan to Reliance Entertainment Network ; Rs 203.01 crore to Reliance Unicorn Enterprises; Rs 162.91 crore to Reliance Big Entertainment (RBEPL); Rs 131.52 crore to Reliance Broadcast Network (RBNL); Rs 59.12 crore to Reliance Business Broadcast News Holding.

Additionally, there was an impact of Rs 39.30 crore in loans to Reliance Alpha Services and Rs 17.24 crore to Zapak Digital Entertainment (Zapak). Nageswara Rao Y is the director of Reliance Capital. He was appointed in accordance with the provisions of the Code as per order of the NCLT bench in Mumbai dated December 6, 2021.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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