Rcom

Reliance Communications Ltd and its unit Reliance Telecom Ltd have only Rs 19.34 crore in their combined 144 bank accounts, the companies said in affidavits submitted to the Delhi High Court. The Anil Ambani-led company, which shut down its wireless operations last year under the weight of Rs 46,000 crore in debt, slumping revenue and widening losses, revealed its bank holdings in a case filed by American Tower Corp.
The Boston-based tower company is said to be seeking dues of almost Rs 230 crore from RCom. 

RCom, which narrowly evaded being dragged into bankruptcy proceedings this year, informed the Delhi High Court that it has Rs 17.86 crore in 119 bank accounts, while its subsidiary RTL revealed it has a shade over Rs 1.48 crore across its 25 bank accounts. ET has reviewed the affidavits. 


Both companies, in affidavits filed in October, sought time from the court to produce their bank statements. The next hearing is on December 13. The tower company’s claims from RCom and RTL “add up to almost Rs 230 crore towards exit fees and service charges”, a person with knowledge of the matter told ET. The payments are for exiting tower lease agreements after RCom stopped wireless services in December. 

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