Reliance Power says operations unaffected by CBI action on Reliance Communications, Anil Ambani

New Delhi [India], August 24 (ANI): Reliance Power Limited on Sunday clarified that recent actions taken by the Central Bureau of Investigation (CBI) against Reliance Communications Limited and industrialist Anil D Ambani have no impact on its business operations, financial performance, or stakeholders.

In an exchange filing at the National Stock Exchange (NSE), it said, Reliance Power Limited wish to clarify on the Media Reports that the recent action by the Central Bureau of Investigation on Reliance Communications Limited and on Anil D Ambani has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Power.

In the filing, the company clarified that disclosures and records available in the public domain indicate that the complaint filed by the State Bank of India (SBI) pertains to matters dating back more than a decade. At that time, Ambani served merely as a Non-Executive Director at Reliance Communications, without any role in its day-to-day management. He resigned from the company Board in 2019, over six years ago, the filing said.

The company added in the filing that Reliance Communications is currently under the management of a Committee of Creditors led by SBI and is being overseen by a Resolution Professional. The case remains sub judice and is under consideration by the National Company Law Tribunal (NCLT) and other judicial forums, including the Supreme Court, where it has been pending for the past six years, the filing added.

Reliance Power emphasised that it is a separate and independent listed entity, with no business or financial ties to Reliance Communications. The company also noted that Anil D Ambani has not been on the Board of Reliance Power for more than three and a half years. Therefore, any developments related to Reliance Communications have no impact on the governance, management, or operations of Reliance Power, the filing stated.

The company said that it reiterated its focus on executing its business plans and reaffirmed its commitment to delivering value to all stakeholders.

On August 24, a spokesperson on behalf of Anil Ambani said that the complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years and the bank declaration has been challenged before the competent judicial forum.

Anil Ambani strongly denies all allegations and charges, and will duly defend himself, the spokesperson said, noting that SBI has already withdrawn proceedings against five other Non-Executive Directors and Ambani has been selectively singled out.

Investigation agency, CBI earlier in a press note, said that it has registered a criminal case on basis of a complaint received from State Bank of India, Mumbai, against Reliance Communication Ltd. (RCOM), Mumbai, its Director Anil D Ambani, unknown public servants and unknown others on the allegations of defrauding the bank, and thereby causing wrongful loss of Rs 2929.05 crore to the Bank.

The case was registered on August 21, the press note said. (ANI)

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