Reliance Power, Reliance Infrastructure Say ED Raid At Anil Ambani's Premises in Mumbai Has No Impact On Business Operations

The official Reliance Power and Reliance Infrastructure --Anil Ambani-owned Group companies -- come following reports of ED raids on 35 premises, 50 companies and over 25 persons, allegedly linked to money laundering case against Reliance Anil Ambani Group (RAAGA) Companies.

New Delhi: Following reports of the ED probe allegedly linked to money laundering case against Reliance Anil Ambani Group (RAAGA) Companies, Reliance Power and Reliance Infrastructure have informed the stock exchange that it has on impact on business operations.

Reliance Power and Reliance Infrastructure are Anil Ambani-owned Group companies.

In an exchange filing, Reliance Power said that the raids have "No Impact on Reliance Power, its business operations, financial performance, shareholders, employees, or any other stakeholders."

Reliance Infrastructure too said in its statement that there is absolutely "No Impact on Reliance Infrastructure, its business operations, financial performance, shareholders, employees, or any other stakeholders".

Both Reliance Infrastructure and Reliance Power have maintained that 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."

Both entities have clarified that Reliance Power and Reliance Infrastructure are 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. 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,” the companies added.

The companies further said that Anil D. Ambani is not on the Board of Reliance Power or Reliance Infrastructure and as such “any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations” of both the companies.

The Enforcement Directorate (ED) on Thursday launched a massive search operation at 35 premises, 50 companies and over 25 persons, allegedly linked to money laundering case against Reliance Anil Ambani Group (RAAGA) Companies, official sources said.

The move followed an investigation launched by the ED under the offence of alleged money laundering by RAAGA companies subsequent to recording of a First Inormation Report (FIR) by the Central Bureau of Investigation (CBI).

As per the officials, other agencies and institutions have also shared information with ED, such as, the National Housing Bank, SEBI, National Financial Reporting Authority (NFRA) and Bank of Baroda.

With Agencies Inputs