New Delhi: The Central Bureau of Investigation (CBI) has carried out a search and seizure operation at the Navi Mumbai office of Reliance Communications Limited (RCOM), with the company informing stock exchanges that the action is not expected to impact its operations.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Ltd. on Thursday, the Anil Ambani-promoted telecom firm said CBI officials conducted searches at its premises located in B Block and H Block of Dhirubhai Ambani Knowledge City on February 26.
According to the disclosure, CBI officials took possession of original minutes of meetings of RCOM’s board of directors for the period between May 15, 2010 and February 11, 2017. Minutes of board meetings of its wholly owned subsidiary, Reliance Telecom Ltd, for the period May 14, 2010 to February 10, 2017 were also seized.
The agency additionally took custody of various financial, secretarial and banking documents pertaining to the company and its subsidiaries.
The search was carried out under Section 185 of the Bharatiya Nagarik Suraksha Sanhita, 2023, the company said.
RCOM stated that the search and seizure action is “not expected to have any impact on the financials or operations” of the company.
The telecom operator is currently undergoing corporate insolvency resolution proceedings under the Insolvency and Bankruptcy Code (IBC), 2016. Since June 2019, the company’s affairs have been managed by a resolution professional appointed by the National Company Law Tribunal, Mumbai Bench.
Market participants will closely watch developments around the probe, particularly given that the documents seized pertain to a period when the company was expanding aggressively and raising funds through debt.
Shares of RCOM remain suspended from active trading amid the ongoing insolvency process.