RCOM

Sept 5 (Reuters) - Bank of Baroda Ltd BOB.NS:

• ANIL AMBANI CATEGORICALLY DENIES ALL ALLEGATIONS, CHARGES MADE BY BANK OF BARODA - STATEMENT

Source text: [ID:]

Further company coverage: BOB.NS

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** Reliance Infrastructure RLIN.NS and Reliance Power RPOL.NS both fall 5%

** India's federal agency filed a criminal case against industrialist Anil Ambani and his company Reliance Communications RLCM.NS on Saturday over a 30 billion rupee (~$344 million) fraud complaint brought by State Bank of India SBI.NS

** RLIN, RPOL say the criminal investigation has no impact on business operations and financial performance

** A spokesperson for Ambani told Reuters "Mr. Ambani strongly denies all allegations and charges, and will duly defend himself"

** An email query to SBI was not answered immediately

** RLIN down ~14% YTD while RPOL up 4.5%

($1 = 87.3650 Indian rupees)

(Reporting by Urvi Dugar)

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July 3 (Reuters) - Reliance Communications Ltd RLCM.NS:

• TOTAL FINANCIAL INDEBTEDNESS AS ON JUNE 30 AT 404.13 BILLION RUPEES

• AMOUNT OF DEFAULT AS ON JUNE 30 AT 288.26 BILLION RUPEES

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Further company coverage: RLCM.NS

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July 2 (Reuters) - India's Reliance Communications RLCM.NS said late on Tuesday that State Bank of India SBI.NS has decided to report its loan account as "fraud" in a case dating back to August 2016.

The state-run lender would also report the name of Reliance Communications' former director Anil Dhirajlal Ambani to the Reserve Bank of India, the company said, under rules that require key management personnel of fraud accounts to be reported to the regulator.

The firm, which is undergoing insolvency proceedings, is a group firm of the Anil Ambani-led Reliance Group.

Anil is the brother of Indian billionaire Mukesh Ambani, who chairs the oil-to-telecom conglomerate Reliance Industries RELI.NS.

State Bank of India and Anil Ambani did not immediately respond to Reuters' requests for comment.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)

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Adds shares in paragraph 9, details from the order from paragraph 10, other detail and backgroud throughout

By Jayshree P Upadhyay

MUMBAI, Aug 23 (Reuters) - India's markets regulator late on Thursday banned Anil Ambani, one of India's best-known businessmen, and 24 others from the securities market for five years on charges of diversion of funds.

The Securities and Exchange Board of India (SEBI) also imposed a fine of 250 million rupees (about $3 million) on Ambani, saying he orchestrated a scheme to "siphon off" funds from Reliance Home Finance Ltd >, a listed subsidiary of conglomerate Reliance Group of which he is chairman.

The ban means Ambani and the others affected are restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, the regulator said.

The regulator said the "fraudulent" scheme was to "siphon off" funds from Reliance Home Finance, which provides loans for housing and construction, by structuring those funds as loans to credit-unworthy borrowers.

Most of these borrowers were linked to "promoters", an Indian term for large shareholders with the ability to influence company decisions, the SEBI added.

A spokesperson for Reliance Group did not immediately respond to an email seeking comment.

Reliance Group - which spans financial services, infrastructure and telecommunications - was created in July 2006 following a demerger from Reliance Industries Ltd RELI.NS, which is led by Anil's brother Mukesh Ambani.

Anil has seen three of the largest firms within the group, including Reliance Communications, Reliance Capital and Reliance Infrastructure, undergoing bankruptcy or debt restructuring.

Reliance Home Finance RLIC.NS shares shed 5%, while among other listed entities within the group, Reliance Infrastructure RLIN.NS shares were down nearly 13% and Reliance Power RPOL.NS dropped 5% as of 1:24 p.m. IST (0754 GMT).

The regulator charged Anil Ambani on two grounds - diversion of substantial funds of the company to the detriment of the company and its stakeholders, and for acts of concealment from shareholders by manipulating its financial accounts.

The regulator said more than 90 billion Indian rupees worth of loans from Reliance Home Finance were made to "non-descript borrowers who had no demonstrable financial ability to repay any of it".

In addition, it said more than 50 billion rupees worth of loans were granted to entities connected to promoters of Reliance Group.

Given the obvious credit weaknesses of the borrowers, the probability of default by such borrowers - and hence the expected credit losses - was considerably higher than acknowledged in the financial statements, SEBI said.

“The facts of this case are particularly disturbing since it reveals a complete breakdown of governance in a large listed company, apparently orchestrated by and/ or at the behest of the promoter aided by the indulgent management of the company,” SEBI added.

The other 24 banned include executives of Reliance Group and other unlisted companies connected to Anil Ambani.
($1 = 83.8620 Indian rupees)

(Reporting by Jayshree P Upadhyay in Mumbai and Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and David Holmes)

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