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Reliance Power Limited on Sunday clarified that recent CBI actions against Reliance Communications Limited (RCom) and industrialist Anil D. Ambani have no impact on its business, financial performance, or stakeholders.
In an official filing with the National Stock Exchange (NSE), the company stated, "Reliance Power Limited wishes to clarify that the recent action by the Central Bureau of Investigation on Reliance Communications Limited and Anil D. Ambani has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Power."
Reliance Power highlighted that the complaint filed by the State Bank of India (SBI) relates to events from more than ten years ago. At that time, Anil Ambani was only a Non-Executive Director at Reliance Communications and had no role in its daily management. He resigned from the RCom board in 2019, over six years ago.
Currently, Reliance Communications is under the control of a Committee of Creditors led by SBI, overseen by a Resolution Professional. The case remains sub judice before the National Company Law Tribunal (NCLT) and other judicial forums, including the Supreme Court, and has been pending for six years.
The company emphasised that Reliance Power is a separate, independent listed entity with no financial or operational links to Reliance Communications. Since Anil Ambani has not been on the board of Reliance Power for over three and a half years, any developments related to RCom do not affect Reliance Power’s governance or operations.
The company reaffirmed its commitment to executing its business plans and delivering value to all stakeholders.
A spokesperson for Anil Ambani clarified on August 24 that the SBI complaint pertains to issues more than a decade old and has been legally challenged.
"Anil Ambani strongly denies all allegations and charges and will duly defend himself," the spokesperson said, adding that SBI has already withdrawn proceedings against five other Non-Executive Directors, while Ambani has been "selectively singled out."
The Central Bureau of Investigation (CBI) earlier stated that it registered a criminal case based on the complaint from SBI, Mumbai, against Reliance Communications Ltd., Anil D. Ambani, unknown public servants, and others.
The allegations involve defrauding SBI and causing a wrongful loss of ₹2,929.05 crore to the bank. The case was officially registered on August 21.
Also Read: CBI Raids Anil Ambani-Linked Premises in Rs 2,000 Crore Bank Fraud Case
