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From a net debt of INR1.61 trillion as of March 31st 2020, Reliance Industries Limited (RIL), India's largest company in terms of market capitalisation, announced that the company had become a net-debt free in June 2020, post raising whopping INR1.68 trillion from stake sales in company's digital arm (Jio) and via right issue. More interestingly, RIL had become a net debt-free company much before its original schedule of March 31st 2021. Having undertaken this deleveraging exercise, market experts opined that the company had become a lucrative (for shareholders) and equipped itself with a solid ability to invest and experiment in new business segments. Moreover, the company had moved towards possessing a leaner balance sheet, which would ensure sustainable valuation for it. However, various brokerage firms and credit rating agencies raised their concern as they found a wide gap between their estimation of RIL's debt and what was reported by the company. In this scenario, a big question loomed in the mind of investors, whether RIL was really a debt-free company? Or the company was on its way to become a net debt-free?