Public-Relations Company Seeks Insolvency Proceedings for RCom
(Bloomberg) -- A public-relations firm became the latest company to ask an Indian tribunal to place billionaire Anil Ambani-run Reliance Communications Ltd. under insolvency proceedings after the unprofitable mobile-phone operator failed to pay its dues.
Fortuna Public Relations Pvt. placed its request with the Mumbai bench of National Company Law Tribunal on Monday, saying Reliance Communications owes it 4.3 million rupees ($67,000). The NCLT plans to hear the case on Dec. 19.
The public-relations firm joins a list of creditors including China Development Bank, Manipal Technologies Ltd. and the Indian unit of network-equipment maker Ericsson AB seeking to compel repayment from a company controlled by the brother of India’s richest person. Reliance Communications didn’t immediately respond to an email seeking comments.
Read more about China Development Bank’s case at the tribunal here.
Reliance Communications was once the country’s second-largest phone operator.
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