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United News of India
25-07-2025
- Business
- United News of India
Anil Ambani not on boards of companies, says statement after ED raids 35 premises
Mumbai, July 24 (UNI) The Anil Ambani-led Reliance Power and Reliance Infrastructure issued a statement today that raids carried out by the Enforcement Directorate (ED) "have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of the companies." "The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCom) or Reliance Home Finance Limited (RHFL), which are more than 10 years old," the statement mentioned. "It is clarified that Reliance Power is a separate and independent listed entity with no business or financial linkage to RCOM or RHFL," the statement clarified. "RCOM has been undergoing the Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016 for over 6 years." RHFL has been fully resolved pursuant to the judgement of the Supreme Court. Similar allegations as those set out in the media reports are sub judice and pending before the Securities Appellate Tribunal (SAT), as per publicly available information," according to the statement. "Further, Anil Ambani is not on the Board of Reliance Power and Reliance Infrastructure. Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of both the companies," the statement maintained. Earlier in the day, the ED raided more than 35 premises and 50 companies linked to the Anil Ambani-led Reliance Group to probe an alleged Rs 3,000-crore Yes Bank loan fraud, where Yes Bank officials allegedly received bribes. According to the ED, the raids and searches were conducted under Section 17 of the Prevention of Money Laundering Act (PMLA), based on two FIRs registered by the Central Bureau of Investigation (CBI) after inputs shared by the including Securities & Exchange Board of India (SEBI), the National Housing Bank (NHB), Bank of Baroda and the National Financial Reporting Authority (NFRA). Preliminary ED investigations showed that loans worth around Rs 3,000 crore, sanctioned by Yes Bank between 2017 and 2019, were allegedly diverted to shell companies and other Anil Ambani group entities. The ED also found evidence suggesting possible bribery of Yes Bank officials, including its promoter Rana Talwar. The ED stated that senior business executives linked to the Anil Ambani group are also being searched as part of a wider investigation. The ED stated that it has gathered evidence of a planned scheme to divert public funds. The ED probe suggests that several entities, including banks, shareholders, investors, and public institutions, may have been misled or cheated in the process of diverting public funds. The ED action follows the State Bank of India's (SBI) recent declaration of Anil Ambani and his company Reliance Communications (RCom) as "fraud". On June 13, 2025, under guidelines issued by the Reserve Bank of India (RBI) about fraud risk management, and as per its internal policy, the SBI had flagged the company and its promoter. Recently, the Minister of State for Finance Pankaj Chaudhary had informed the Lok Sabha that SBI reported the matter to the RBI on June 24, 2025 and the SBI is preparing to file a formal complaint with the CBI. On July 1,the Resolution Professional for Reliance Communications (RCom) informed the Bombay Stock Exchange (BSE) about SBI's decision as part of its disclosure responsibilities. SBI's financial exposure to Reliance Communications includes a fund-based principal amount of Rs 2,227.64 crore along with interest and expenses due since August 26, 2016. The SBI also has a non-fund-based exposure through bank guarantees worth Rs 786.52 crore. The Anil Ambani-led RCom is already under a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. A resolution plan has been approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT) in Mumbai on March 6, 2020. A final decision by the NCLT is still pending. In addition to the company insolvency proceedings, SBI has also started personal insolvency proceedings against Anil Ambani under the same law, and the case is being heard by the NCLT bench in Mumbai. UNI XC ARN SSP
Time of India
24-07-2025
- Business
- Time of India
No impact on Rel Infra & Rel Power, say cos
NEW DELHI: Reliance Infra and Reliance Power distanced themselves from ED action against Reliance Communications saying the entities had no business or financial linkages with the company facing money laundering probe. In identical statements, they also said Anil Ambani was not on their boards and actions by ED have "no bearing or impact on the governance, management, or operations" of the listed entities. "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... RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency & Bankruptcy Code, 2016 since over six years," R-Infra and R-Power said in stock exchange filings.
India.com
24-07-2025
- Business
- India.com
Reliance Power, Reliance Infrastructure issue statement after ED raids 35 places, 50 firms linked to Anil Ambani in loan fraud case
Anil Ambani (File) 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.
Time of India
24-07-2025
- Business
- Time of India
Anil Ambani's Reliance Power responds after ED raids 35 sites in Rs 3,000 Cr money laundering probe
The Enforcement Directorate (ED) on Thursday launched a large-scale search operation at premises linked to RAAGA companies ( Reliance Anil Ambani Group Companies) or the Reliance Group (ADAG) as part of its ongoing investigation into alleged money laundering offences, sources told The Economic Times. Responding to the development, Anil Ambani's Reliance Power said, the actions have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of the company. Explore courses from Top Institutes in Please select course: Select a Course Category Data Analytics Others MCA Data Science Project Management others Data Science Artificial Intelligence Finance Digital Marketing PGDM Product Management CXO healthcare Public Policy Cybersecurity Operations Management Technology Leadership Design Thinking MBA Management Degree Healthcare Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details "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." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo 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. " Live Events You Might Also Like: ED raids nearly 50 sites linked to Anil Ambani in Rs 3,000 cr Yes Bank loan fraud probe "Further, Anil 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." ED alleged that the group orchestrated a 'well-planned' scheme to siphon off bank loans from YES Bank worth Rs 3,000 Crore between 2017 and 2019 to many shell companies, the source said on condition of anonymity, as he is not authorised to speak to the media. Anil Ambani's Reliance group entities are accused of paying bribes to YES Bank officials before loans were disbursed, the source said, adding that loan approvals violated the bank's processes. Several group firms of Anil Ambani have gone into bankruptcy since 2017. You Might Also Like: Reliance Infra, Reliance Power shares drop up to 4% after ED raids sites linked to Anil Ambani YES Bank, from which Anil Ambani group firms had borrowed heavily, was declared insolvent in 2020 and rescued by a group of Indian lenders in a plan approved by the central bank. Japan's Sumitomo Mitsui Banking Corp is seeking a 20% stake in a deal that has yet to get regulatory approval. The probe also found gross violations in YES Bank's loan approval process, such as lending to companies with weak financials, backdating credit memos, "evergreening" loans - issuing fresh loans to avoid labelling assets as nonperforming - and misrepresenting financials. YES Bank's former promoter, Rana Kapoor, was charged with bank fraud by the financial crime agency in 2020 and later arrested. He pleaded not guilty and was granted bail in 2024 by a special court in India's financial capital of Mumbai. Anil Ambani's group entities have been subject to several regulatory actions in recent years. In August 2024, the markets regulator SEBI barred Anil Ambani and 24 others from securities markets for five years, citing fund diversion from Reliance Home Finance. Shares of Reliance Infrastructure and Reliance Power fell as much as 5% on Thursday after the news of the latest probe circulated. (With agency inputs)
India.com
19-07-2025
- Business
- India.com
Anil Ambani gets massive relief after paying Rs 920000000 to..., Reliance Infrastructure will now be...
Anil Ambani (File) Big relief for Anil Ambani: In a significant development for the Ambani family, the National Company Law Appellate Tribunal (NCLAT) has provided major relief to Anil Ambani. In the recent ruling, the NCLAT has put a stay on insolvency proceedings against Reliance Infrastructure in in a case related to Rs 88.68 crore unpaid dues from a Rs 920 crore loan case, which were earlier allowed by the Mumbai bench of the National Company Law Tribunal (NCLT). Here are all the details you need to know about the NCLAT ruling and how it is big update for Anil Ambani. How has Anil Ambani's NCLAT responded? 'In the appeal filed, the Hon'ble National Company Law Appellate Tribunal, New Delhi (NCLAT), today has suspended the Order dated May 30, 2025 passed by National Company Law Tribunal, Mumbai in case no. C.P. (IB)/624(MB)2022, admitting the Company into Corporate Insolvency Resolution Process.' How Anil Ambani's Reliance Infra reached NCLAT? The NCLT had admitted an insolvency plea against Reliance Infrastructure over unpaid dues of around Rs 88.68 crore to Dhursar Solar Power. However, Reliance Infra challenged this at the NCLAT, claiming it had already paid the full amount with interest (Rs 92.68 crore). On June 4, 2025, the NCLAT stayed the insolvency proceedings, granting temporary relief to Anil Ambani's company. National Company Law Tribunal passes important verdict Meanwhile, the National Company Law Tribunal (NCLT) upheld the primacy of the Enforcement Directorate in dealing with proceeds of crime linked to money laundering over claims by creditors against a 'bankrupt' company under the insolvency code, an official was quoted as saying by a report by IANS news agency. Why This NCLT Verdict is important? The verdict of the Tribunal's bench comprising Bachu Venkat Balram Das and Sanjeev Ranjan, delivered in a matter related to Shakti Bhog Snacks Limited, said: 'The Insolvency and Bankruptcy Code (IBC) cannot be used as a mechanism to frustrate or sidestep the legitimate process of law under the Prevention of Money Laundering Act, 2002.' (With inputs from agencies)
