Anil Ambani had no role to play in the daily operations of Reliance Communications, a spokesperson for him said on Friday following the Bank of Baroda's classification of the company’s loan account along with the younger Ambani sibling as “fraud.”

The public sector bank had in an exchange filing declared both the accounts as “fraud.”

“The action by Bank of Baroda to classify the loan account of Reliance Communications Limited (RCom) along with Anil D Ambani, pertains to matter dating back more than 12 years, as per disclosures and records available in the public domain,” the spokesperson said in a statement.

The spokesperson said Anil Ambani has categorically denied all allegations and charges and will seek legal advice for remedies available.

The spokesperson said that Ambani had never been an executive director or a key managerial personnel (KMP) of the company.

“It is pertinent to note that Anil Ambani served only as a non-executive director on the board of RCom from inception in 2006 until his resignation from the Board in 2019, over six years ago. He was never an Executive Director or a KMP of the company and had no role whatsoever in the day-to-day operations or decision making of the company,” the spokesperson said.

The company undergoing CIRP under the Insolvency and Bankruptcy Code (IBC) 2016 stated the loans in question relate to the period before the insolvency proceedings began.

“The company asserts that these loans must be resolved as part of a resolution plan or through liquidation under the IBC,” the spokesperson said.

“It is a matter of record that RCom had a lender consortium comprising 14 banks. After an inordinate lapse of more than 10 years, select lenders have now chosen to initiate proceedings in a staggered and selective manner targeting (Anil) Ambani,” the statement said.

A Committee of Creditors led by the State Bank of India and overseen by a resolution professional is supervising RCom’s management at present.

“The Committee of Creditors led by SBI had unanimously approved the resolution plan of the successful resolution applicant in March 2020. The matter remains sub judice, pending before the NCLT (National Company Law Tribunal) and other judicial forums including the Supreme Court for the past six years and the lenders have not taken steps to complete the resolution process,” the statement said.

Earlier, the State Bank of India and the Bank of India had also classified the loan account of insolvent Reliance Communications as fraudulent and named its former director, Anil Ambani.