Reliance Communications Ltd

Reliance Communications Limited: Trading Window closed from October 01, 2026; reopens 48 hours after declaration of the financial results for the quarter ended September 30, 2026.

CoC meeting and CIRP context

• 76th CoC meeting scheduled for Friday, Sept 11, 2026.
• RCOM is under CIRP; affairs managed by Resolution Professional Anish Niranjan Nanavaty.
• RP appointed by NCLT Mumbai Bench; order dated June 21, 2019 (published June 28, 2019).

Order details

• Hon'ble Supreme Court of India dismissed the review petitions in Civil Appeal Nos. 4570-4571 of 2021.
• The order states there was no error in the February 13, 2026 judgement and no case for review.
• Impact on the company includes the resolution plan involving sale of spectrum as an asset.
• Resolution plan approvals remain sub-judice before the NCLT, Mumbai Bench.
• RTL, a subsidiary, is mentioned in relation to the order.
• Order date: July 28, 2026; uploaded to exchanges on September 8, 2026.

Financial results approved

• Standalone Q1 FY27 unaudited results approved; Rs 1,566 crore exceptional gain on settlement of liabilities.
• Consolidated Q1 FY27 unaudited results approved; Rs 1,630 crore exceptional gain on settlement of liabilities.
• Limited Review Reports filed by auditors.

Governance and CIRP oversight

• Resolution Professional Anish Niranjan Nanavaty presided; board powers suspended under CIRP.
• Additional directors to be appointed; approvals by CoC pending.

Auditor remarks and going concern

• Auditors qualify going concern due to ongoing CIRP and regulatory issues.
• Assets held for sale retained at 2018 valuation; fair value not determined.

Regulatory and legal disclosures

• DoT license migration to UL; multiple court proceedings; next hearings Aug 25 and Oct 30, 2026.
• ED/CBI investigations; provisional attachments under PMLA; appeals pending; next hearing Oct 2026.
• SFIO notices received; information provided; no impact on standalone results.

Corporate actions and changes

• Directors of the corporate debtor and subsidiaries resign; new director appointments pending CoC approvals.
• Bonn Investment Inc. director removed for unauthorized sale; RP pursuing recovery; related proceedings ongoing.
• Certain foreign subsidiaries (UK, Cyprus, Singapore) deconsolidations/struck off; impacts noted.

Filing Status

• NCLT Mumbai disposes RCIL CIRP applications on Aug 21, 2026.
• Observes the approved Resolution Plan is non-implementable in its present form.
• Directs erstwhile RP to convene a CoC meeting within 30 days.
• Next hearing listed for Sept 24, 2026.

Impact on Reliance Communications

• Order relates to RCIL, the subsidiary of Reliance Communications Limited.
• No specific violation stated against Reliance Communications Limited.
• Financial impact on the parent is presently unquantifiable.

CoC meeting reschedule

• 75th CoC meeting moved from Aug 21, 2026 to Aug 27, 2026.

DoT partial encashment details

• DoT directs partial encashment of two FBGs for RCOM and RTL.
• RCOM: SBI FBG LF for UAS, ₹5,73,49,933, expiry 23 Jan 2027.
• RCOM defaulted on license fees for FY 2023-24 to 2025-26.
• Partial encashment of ₹5,55,42,271 to be completed within two working days.
• RTL: BoB FBG LF for UL-Access, ₹2,00,00,000, expiry 23 Jun 2027.
• RTL defaulted on license fees for FY 2023-24 to 2025-26.
• Partial encashment of ₹16,25,000 to be completed within two working days.
• Amended bank guarantees may be issued after encashment for both RCOM and RTL.
• Aggregate encashment amount: ₹5,55,42,271 (RCOM) and ₹16,25,000 (RTL).
• Company examining financial and legal implications under CIRP.

FBG invocation by DoT

• DoT invoked/encashed bank-issued FBGs on behalf of RCOM for deferred spectrum payments.
• Aggregate FBG invocation amounts to ₹801.91 crore.
• Invocations cover 2013 Yes Bank, 2015-16 PNB, 2015 Canara Bank, 2014-15 SBI.
• DoT communications state nonpayment/default in deferred annual spectrum instalments.
• RCOM is examining financial and legal implications, including potential impact on liabilities.
• Status: CIRP ongoing; further developments to be disclosed as required.
• No assurance on completion; steps to be taken under applicable law.
• Company notes DoT communications and will inform stock exchanges of material developments.
• Background: FBGs secured deferred spectrum instalments from spectrum auctions.