 "CBI chargesheet on Anil Ambani has no business impact: R-Infra and R-Power")
Reliance Infrastructure (R-Infra) and Reliance Power (R-Power), part of Anil Ambani’s Reliance Group, on Friday said their operations remain unaffected after the Central Bureau of Investigation (CBI) filed a chargesheet against Ambani.
“There is no impact on the business operations, financial performance, shareholders, employees or any other stakeholders of Reliance Infrastructure due to the recent action by the CBI on Reliance Commercial Finance (RCFL), Reliance Home Finance (RHFL) and Mr Anil Ambani,” both companies said in a joint statement.
According to PTI, the chargesheet names Anil Ambani and others in connection with alleged fraudulent transactions involving RCFL, RHFL, Yes Bank, and firms linked to the family of the bank’s former chief executive officer, Rana Kapoor. These transactions allegedly caused a loss of Rs 2,796 crore to the bank.
In its filing before a special court in Mumbai, the CBI noted that Ambani is chairman of the Anil Dhirubhai Ambani (ADA) Group and director of Reliance Capital Ltd, the holding company of RCFL and RHFL. The chargesheet was filed on Thursday.
R-Infra and R-Power further clarified that the matter pertains only to RCFL and RHFL and relates to transactions more than a decade old. “Both RCFL and RHFL have been fully resolved with a change in management pursuant to Supreme Court judgments in 2022 and 2023, through separate, independent lender-driven processes led by Bank of Baroda under an inter-creditor arrangement in line with RBI regulations,” the companies said.
The firms further noted that Anil Ambani has never served on the boards of RCFL or RHFL and has not been on the boards of R-Infra and R-Power for more than three and a half years.
Additionally, emphasising their independence, R-Infra and R-Power said they are separate, listed entities and the CBI’s action has no bearing on their day-to-day operations, governance, or financial stability.