Group companies lend at the cost of Reliance Capital Rs 1,755 crore in financial terms

Loans made by Reliance Capital to various entities of the group in 2019-20 resulted in a financial effect of about 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, engaged Transactions Auditor BDO India LLP to conduct an investigation of the company’s affairs regarding the company’s transactions .

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

All of these transactions were loans made by Reliance Capital to the relevant entities. According to separate stock exchange filings, the administrator estimated the impact of a loan to Reliance Entertainment Network at Rs 1,142.08 crore; 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); and Rs 59.12 crore to Reliance Business Broadcast News Holding.

Loans to Reliance Alpha Services and Zapak Digital Entertainment also had an impact of Rs 39.30 crore and Rs 17.24 crore, respectively (Zapak). The administrator of Reliance Capital is Nageswara Rao Y. Pursuant to the order of the NCLT bank in Mumbai dated December 6, 2021, he has been appointed in accordance with the requirements of the Code.

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