Anil Ambani Urges SC To Order Lenders' Committee For RCOM Dues

(MENAFN- IANS) New Delhi, March 23 (IANS) In a new affidavit filed before the Supreme Court, industrialist Anil D. Ambani has proposed forming a lenders’ committee to determine the actual dues owed by Reliance Communications (RCOM) and its group entities, along with a detailed plan for structured resolution of the liabilities.

The supplementary counter-affidavit requests the formation of a lenders’ committee, led by the State Bank of India and Bank of Baroda, to establish the true outstanding dues after accounting for recoveries, asset monetization, and capital infusions.

“The main goal is to clarify the actual dues owed to each lender… and then create a structured and time-bound repayment plan for any remaining amounts,” the affidavit stated.

Providing extensive financial data, Ambani reported that total repayments across group entities exceed Rs 3,44,000 crore, including principal of over Rs 2,45,000 crore and interest of more than Rs 93,000 crore.

Additionally, payments to the government in taxes, spectrum charges, and statutory dues total over Rs 1,01,000 crore.

The affidavit further stated: “Personal and family capital infusions into stressed companies exceeded Rs 9,276 crore — every rupee of which has been wiped out.”

It also claimed that approximately Rs 1,00,000 crore remains receivable from central and state government bodies in the form of regulatory assets, arbitral awards, and pending claims, which are “available for set-off in any honest reconciliation.”

Detailing steps taken toward debt reduction, the document said that key asset monetizations totaling Rs 23,476 crore have already been completed, with the proceeds used directly for repayment to lenders.

The affidavit disclosed that on March 17, 2026, Ambani sent letters to Union Finance Minister Nirmala Sitharaman, State Bank of India Chairman C.S. Setty, and Bank of Baroda MD and CEO Debadatta Chand, formally requesting the formation of the proposed lenders’ committee and seeking personal meetings.

“These communications emphasize that the current request is not an attempt to evade liability, but a demand for an accurate and transparent determination of dues,” the affidavit stated.

It also mentions ongoing investigations by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), stating that assets worth over Rs 15,000 crore have been provisionally attached, leading to an estimated loss of over Rs 25,000 crore in market value and affecting more than 50 lakh retail shareholders.

Comparing this to the Supreme Court-approved settlement in the Sterling Biotech/Sandesara case, the affidavit argues: “If a structured resolution was considered feasible in the case of declared fugitive economic offenders… it is both practically and legally viable in the present case.”

Ambani further stated that he has remained within India’s jurisdiction, cooperated with investigative agencies, and actively supported insolvency proceedings, describing himself as “the first and only promoter in India to actively support the CIRP process” for Reliance Capital.

Earlier today, the Supreme Court emphasized the need for a coordinated, fair, and time-bound investigation into alleged large-scale bank frauds linked to RCOM and its group entities.

A bench led by Chief Justice of India Surya Kant observed that agencies such as the ED and CBI must “join hands” and conduct the investigation transparently and independently.

“The investigation should reveal what has been done and what has been found,” the court said, adding that any reluctance from agencies is “not acceptable.”

The bench, also including Justices Joymalya Bagchi and Vipul M. Pancholi, clarified that while it cannot order arrests, the investigation must inspire public confidence.

During the hearing, advocate Prashant Bhushan stated that no arrests had been made despite available evidence, while Solicitor General Tushar Mehta informed the court that arrests had been made and assets worth around Rs 15,000 crore had been attached.

Noting these submissions, the Supreme Court allowed the ED to file a second status report and directed financial institutions to fully cooperate with the investigation.

The case involves alleged financial irregularities and loan fraud involving RCom and its associated companies, with previous proceedings highlighting delays in the investigation.

The Supreme Court had previously ordered the formation of a Special Investigation Team (SIT) and called for progress within a set timeframe.

Recently, the CBI has intensified its investigation, examining several top executives of the group, including Gautam Doshi, Sateesh Seth, and Amitabh Jhunjhunwala, in connection with alleged diversion of loan funds between 2013 and 2017.

Ambani has also been questioned multiple times during the ongoing investigation.