Reliance Power, Reliance Infrastructure issue statement after ED raids 35 places, 50 firms linked to Anil Ambani in loan fraud case
New Delhi: The Enforcement Directorate on Thursday morning raided 35 locations in connection with a loan fraud probe against Anil Ambani-led Reliance Anil Dhirubhai Group companies, people familiar with the development said. ED's action comes after State Bank of India (SBI) decided to classify telecom company Reliance Communications as 'fraud' and will report its former director, Anil Ambani, to the Reserve Bank of India (RBI).
The ED is currently examining over 50 companies and 25 individuals believed to be part of the network. Preliminary findings indicate that the promoters of Yes Bank allegedly received funds in their personal accounts shortly before sanctioning large loans to Reliance Anil Ambani Group companies, pointing to a potential quid pro quo. Reliance Power Issues Statement:
The company has clarified that the Enforcement Directorate' actions have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Power. The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years
old.
'It is clarified that Reliance Power is a separate and independent listed entity with no business or
financial linkage to RCOM or RHFL. RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016 since over 6 years.' the company said.
RHFL has been fully resolved pursuant to the judgment of the Hon'ble Supreme Court of India. Similar allegations as those set out in the media reports are sub-judice and pending before the Hon'ble
Securities Appellate Tribunal, as per publicly available information. Further, Mr. Anil D. Ambani is not on the Board of Reliance Power. Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of Reliance Power. Reliance Power continues to focus on its business plans and remains committed to creating value for all stakeholders,' it added.
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