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Classification of RComm, Reliance Telecom Accounts As Fraudulent: Delhi High Court Directs Union Bank, Indian Overseas Bank To Maintain Status Quo

first_imgNews UpdatesClassification of RComm, Reliance Telecom Accounts As Fraudulent: Delhi High Court Directs Union Bank, Indian Overseas Bank To Maintain Status Quo Shreya Agarwal29 Dec 2020 1:56 AMShare This – xOn a plea by Anil Ambani’s Reliance Communication Ltd (RComm) and Reliance Telecom Ltd (RTL) against the declaration of their accounts in the Union Bank of India (UBI) and the Indian Overseas Bank (IOB) as “fraudulent”, the Delhi High Court has ordered the banks to maintain status quo until the next date of hearing, i.e. Jan 13, 2021. However, the court has said that the Centre through…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginOn a plea by Anil Ambani’s Reliance Communication Ltd (RComm) and Reliance Telecom Ltd (RTL) against the declaration of their accounts in the Union Bank of India (UBI) and the Indian Overseas Bank (IOB) as “fraudulent”, the Delhi High Court has ordered the banks to maintain status quo until the next date of hearing, i.e. Jan 13, 2021. However, the court has said that the Centre through its investigating agencies, will be free to “take any steps/investigate/file any complaint proceedings against the two companies independent of the order” which declares the account as fraud accounts.The petition, which was being heard by the Vacation Bench of Justice Subramonium Prasad, has been filed through the former Executive Director of RComm, Punit Garg.The court said that the issues raised by the petition are similar to those raised by a batch of writ petitions i.e. W.P.(C).306/2019 etc. wherein the vires of the RBI Circular RBI/DBS/2016-17/DBS.CO.CFMC.BC.No.1/23.04.001/2016-17 dated 01.07.2016 updated as on 03.07.2017 was challenged. The circular in question was described by RBI as the Master Circular on ‘Frauds – Classification and Reporting’, laying down “Master Directions” issued under Section 35 A of the Banking Regulation Act, 1949.The court has also said that the Banks are free to issue a show cause notice to the companies, and thereafter give a necessary hearing in the matter.While action against RComm has been reportedly taken by SBI, UBI, and IOB, RTL, which is a fully owned subsidiary of RComm, has been placed under the radar by SBI and UBI.The woes of Anil Ambani’s group of companies have been ongoing for a while now with another subsidiary, Reliance Infratel, undergoing insolvency proceedings and also being marked as fraudulent.While Infratel is being bailed out through the insolvency resolution process by brother Mukesh Ambani’s Reliance Digital Platform (a group company of Reliance Jio) for Rs. 4400 crores, Anil Ambani also faces personal insolvency proceedings as guarantor to loans by SBI worth Rs.1200 crores to RComm and Infratel, which were stayed by the Delhi High Court upon his challenge.The Supreme Court, in September, had dismissed SBI’s appeal against the Delhi High Court order however, the government is resolute upon allowing invocation of the personal guarantee and plans to challenge Ambani’s stand, as per sources.Click Here To Download Order[Read Order]Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

Mayfield breaks rookie touchdown record with 27th TD pass

first_img Written by FacebookTwitterLinkedInEmailRob Carr/Getty Images(NEW YORK) — The Browns missed out on the playoffs, but there’s still a silver lining in their 2018 season: quarterback Baker Mayfield.Mayfield made history during the Browns 26-24 loss at the hands of the Baltimore Ravens, throwing his 27th touchdown pass of the season and setting the NFL rookie record.Mayfield threw 3 touchdowns during the game, but didn’t break the record until there was 3:24 left on the clock. Rookie wide receiver Antonio Callaway ran a short slant route from the Ravens’ 1-yard line, and Mayfield completed the pass for the score.It was his third touchdown pass of the day, coming against the NFL’s top-ranked defense.The touchdown passes also extended Mayfield’s streak of games with a touchdown pass to 13, the fifth longest in Browns history. He also owns the Browns franchise records for passing yards by a rookie.Tyrod Taylor opened the season as the Browns’ starter, but was forced to leave a Week 3 game against the Jets with a concussion. Mayfield stepped in, completed 17 of 23 passes for 201 yards, and led the Browns to a 21-17 win. It was the Browns’ first win since the 2016 season. Then-head coach Hue Jackson handed Mayfield the reins and the Browns never looked back.Copyright © 2018, ABC Radio. All rights reserved. December 30, 2018 /Sports News – National Mayfield breaks rookie touchdown record with 27th TD passcenter_img Beau Lundlast_img read more

Coming up next week

first_imgl Insider columnist Tony Phillips takes issue with “unnecessary” qualificationsl We explore the facts behind sugar in wholemeal breadl British Baker staff attend Unifine’s Ingredients in Action day at its development kitchen suite in Milton Keynesl And watch out for the snacks column in our regular launch pad sectionlast_img

Railroad Earth Stops The Train In Denver For First Of Three Night Run [Review/Video]

first_imgRailroad Earth started off their 3-night run at The Ogden Theatre in Denver, CO with a fantastic show. The Scott Pemberton Trio opened up the evening and the crowd began to settle in nicely. The boys came out with a ripping “Jupiter and the 119” and it was clear early on that the night was going to be a fun one. Railroad kept the people dancing with tunes like “Bread and Water” and “Morning Flies” as the set progressed, leaving the crowd wanting more.The second set kept the energy going with “Lordy, Lordy” and “Cold Water.” The jams started to pick up and the band got into the groove with “Mighty River.” The somber mood from the days events were almost completely forgotten during the dance party that ensued. A feeling of pure joy emanated throughout the room as the tunes continued to please everyone’s ears. The band treated the crowd to a brand new song, penned by Todd Sheaffer. During the first listen, “Addin’ My Voice” seemed a fitting statement to go along with the demonstrations planned for Saturday morning.The crowd was hanging on every note and the room lit up when the boys came back out for a “Powder Finger” encore, which witnessed Scott Pemberton joining Railroad Earth on stage, sending the crowd off into the night with smiles from ear to ear. The band continues their run at the Ogden this evening.Enjoy this clip of “Mighty River”, courtesy of YouTube user teamrado:Setlist: Railroad Earth | Ogden Theatre | Denver, CO | 1/20/17Set 1:The Jupiter and the 119 –>Stillwater GetawayStormsReuben’s TrainBread and WaterMourning FliesMountain TimeWalk Beside MeSet 2:Lordy, LordyCold WaterCarrying Coal to Newcastle –>River Intro Jam –>Mighty RiverCrossing the GapThe CuckooAcadian DriftwoodFace with a HoleWay of the Buffalo –>Cuckoo Medley12 WolvesAddin’ My Voice (A)Encore:Powder finger (B)(A) First time played,written by Todd Sheaffer(B) With Scott Pembertonon electric guitar[words by Chris Herrmann]last_img read more