Anil Ambani, chairman of Reliance Communications. (Photographer: Dhiraj Singh/Bloomberg)
7 years ago
Jun 11, 2019
Catch all live updates on Anil Ambani's conference call here. Anil Ambani, chairman of the Reliance Group will address the media through a conference call today at 11 a.m.
Anil Ambani reassured investors that the Group was fully committed to meeting all future debt servicing obligations in a timely manner through further asset monetisation plans that are already at various stages of implementation.
Ambani blamed the country’s regulatory institutions and courts, saying that the delay in passing verdicts has kept the group from receiving dues of over Rs 30,000 crore.
“To compound the matter, the regulatory bodies and courts have not passed any final adjudication order on claims aggregating to over Rs 30,000 crore that are due for more than five to 10 years to our various group companies especially Reliance Infrastructure, Reliance Power and their affiliates,” he said.
He further said that the financial system has shown a “total apathy and lack of any support whatsoever", which ultimately only significantly hurt the interests of lenders themselves as well as all other stakeholders.
These payments have been made without any help or support from the country’s financial institutions, he said, adding that there has been zero net addition of liquidity to any of the group companies from the system.
Ambani disclosed that these debt servicing payments have necessarily had to be made almost entirely from asset monetisation and operational cash flows.
Anil Ambani acknowledged that rumours have damaged value of stocks under the Reliance group banner.
He said that he was personally anguished and deeply concerned for the Group’s over 7 million strong retail shareholders base, adding that their “unstinted support is the bedrock of the young and dynamic group”.
