The Reliance Communications Limited on Wednesday said officials of the Central Bureau of Investigation conducted a seizure operation at its office premises in Navi Mumbai, and took away certain original records and documents related to borrowings raised from the Life Insurance Corporation of India.
“During the seizure operation, the CBI officials seized inter alia certain original records and various other documents pertaining to the nonconvertible debentures and commercial papers issued by the Company to the Life Insurance Corporation of India between [2009 to 2016],” Reliance Communications said in their regulatory filing.
In a regulatory filing, the Anil Ambani-group company said the CBI carried out the operation on April 21 at its Dhirubhai Ambani Knowledge City office, seizing documents pertaining to non-convertible debentures and commercial papers issued to LIC during 2009–2016. The action was undertaken under Section 106 of the Bharatiya Nagarik Suraksha Sanhita, 2023, the company said.
Reliance Communications added that the seizure is not expected to have any impact on its financials or operations and that business continues as usual. The company also pointed out that it is currently undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, and is subject to the protections available under the law.
The disclosure was made under Regulation 30 of the SEBI Listing Regulations. With effect from June 2019, the affairs of Reliance Communications have been managed by a resolution professional following an order of the Mumbai bench of the National Company Law Tribunal, the filing said
