Reliance adag tune8/30/2023 ![]() Share prices of his group companies fell sharply the day after the announcement. In February 2019, Anil Ambani announced that RCom would be filing for insolvency resolution under the Insolvency and Bankruptcy Code, 2016. There was no response from the Reliance group, the judgment noted. In subsequent communication the trustee stated the two default events and sought an additional 2 percent interest payment. In October 2018, the trustee informed the Reliance company that RPL’s share price had fallen and the value of pledged shares had declined by 40 percent since the debenture allotment. The trustee also reserved its right to redeem the debentures, enforce the security or take any other action. ![]() The trustee informed the Reliance company of the default and said it was liable to pay 2 percent penal interest in addition to the 10 percent agreed interest. In August 2018, RPL’s credit rating was revised downward from BBB to BB (negative). ![]() From October 2017, the Reliance ADAG companies regularly serviced the debentures and when required pledged additional shares or even released the pledge on some, if required.īut, as the judgment states, there were two events of defaults in 2018. ![]()
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