Reliance Power said on Thursday that the recent enforcement agency action, as reported by media, has “absolutely no impact” on its business operations, financial performance, shareholders, employees or any other stakeholders. 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, said Reliance Power.
“It is clarified that Reliance Power is a separate and independent listed entity with no business or financial linkage to RCOM or RHFL,” said Reliance Power.
Reliance Power is part of the Reliance Group, led by top businessman Anil Ambani.
Earlier, media reports suggested, citing sources, that the Enforcement Directorate had conducted raids as part of a money laundering investigation linked to an alleged bank loan fraud of Rs 3,000 crore against Anil Ambani group companies and Yes Bank.
RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016 since over six years, noted Reliance Power.
Reliance Home Finance has been “fully resolved pursuant to the judgment of the Hon’ble Supreme Court of India”, said Reliance Power, adding: “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.”
“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,” said the company.
It also said that it continues to focus on its business plans and remains committed to creating value for all stakeholders.
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