Reliance ADAG chairman and managing director Anil Ambani will fully cooperate with the Enforcement Directorate (ED) on all matters, offering to appear by virtual means, according to a company spokesperson.
The ED summons to Ambani are related to an inquiry under the Foreign Exchange Management Act, and not the Prevention of Money-Laundering Act (PMLA), as wrongly attributed by media without any diligence of facts, according to the spokesperson.
Both laws differ in nature. While a FEMA inquiry is governed by a civil statute that manages and penalises foreign-exchange violations and regulatory breaches, a PMLA inquiry is governed by a criminal statute targeting money laundering and proceeds of crime.
The Reliance ADAG spokesperson also stated, citing a November 3 media release by the ED, that the matter pertains to a FEMA case relating to a Jaipur-Reengus highway project.
The matter is 15 years old — dating back to 2010 — and concerns issues related to a road contractor as per the ED release. This was a purely domestic contract with no foreign exchange component involved whatsoever, according to the spokesperson.
Ambani served as a non-executive director at Reliance Infrastructure from April 2007 to March 2022 and was not in charge of the company’s day-to-day operations.
Ambani is not a member of the board of Reliance Infrastructure.
What was the Jaipur-Reengus highway project?
In 2010, Reliance Infrastructure awarded an engineering, procurement and construction (EPC) contract for the construction of the Jaipur-Ringus (JR) Toll Road. This was a purely domestic contract with no foreign exchange component involved whatsoever, according to the spokesperson.
The JR Toll Road has been fully completed and has been with the National Highways Authority of India (NHAI) for over past four years.
It was an Indian project with no foreign exchange transactions involved at any stage.
Ambani will respond to all questions with honesty and transparency, providng all necessary documents, as he fully respects the agency’s authority and procedure.
He also stated that there should be no confusion regarding this matter, and that both the industry and the media must report on the basis of facts.
Doonited Affiliated: Syndicate News Hunt
This report has been published as part of an auto-generated syndicated wire feed. Except for the headline, the content has not been modified or edited by Doonited
