‘RBI finds 154 cases of misuse of ECB funds’

Reliance Communications, Reliance Infratel, Huawei Technologies and Walt Disney Company (India) are among the companies which misused or diverted funds raised from abroad under the ECB route in the last three years, Parliament was informed on Friday.

The RBI has found as many as 154 contraventions of External Commercial Borrowings (ECBs) since 2009-10, minister of state for finance Namo Narain Meena said in a written reply in the Lok Sabha. The other companies include Educomp Solutions, Shri Adhikari Brothers Television Networks, DB Corp Ltd, Metro Cash & Carry India Pvt Ltd and Blackrock India Pvt Ltd, he added.

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