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Reliance Capital’s loans to its group companies lead to Rs 1,755 crore financial impact

by Euro Times
October 30, 2022
in Finance
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Reliance Capital’s loans to its various group entities led to financial impact of more than Rs 1,755 crore to the company, a report showed.

These numbers are for FY20.

The report in question is the one submitted by transaction auditor BDO India LLP to the administrator of the insolvency-bound Reliance Capital.

BDO India LLP is assisting the IBC-appointed administrator of Reliance Capital in carrying out an investigation of the transaction-related affairs of the company.

Nageswara Rao Y is the administrator of Reliance Capital. He was appointed in accordance with the provisions of the Code as per the order of the NCLT bench at Mumbai dated December 6, 2021.

Based on the observations of the transaction auditor, the administrator on October 22, 2022, filed applications in respect of disbursements to a total of seven companies before Mumbai NCLT, Reliance Capital said in various regulatory filings on Friday.

All of these transactions were loans given by the company to group entities.

In separate filings to stock exchanges, the administrator on the basis of the report from BDO revealed there was an estimated impact of Rs 1,142.08 crore by way of a loan to Reliance Entertainment Network Pvt Ltd (RENPL); Rs 203.01 crore to Reliance Unicorn Enterprises (RUEPL); 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 (RBBNHL).

Also, there was an impact of Rs 39.30 crore on account of loans to Reliance Alpha Services (RASPL) and Rs 17.24 crore to Zapak Digital Entertainment (Zapak).

The administrator filed applications against these companies on October 22, 2022, and they are subject to adjudication by the NCLT, the company said.



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