Reliance Infrastructure and Power Shine Unaffected, ED Turns Focus on Insolvent RCom

The Reliance Group issued a detailed statement following the Enforcement Directorate's (ED) provisional attachment of assets valued at approximately ₹1,400 crore associated with ongoing money laundering investigations involving companies once led by Anil Ambani. The group emphasized that the attached assets belong exclusively to Reliance Communications (RCom). RCom ceased to be part of the Reliance Group in 2019 and has been under the Corporate Insolvency Resolution Process (CIRP) for over six years, with its matters currently before the National Company Law Tribunal (NCLT) and the Supreme Court of India.

 

The management of RCom is overseen by a Resolution Professional under the supervision of the NCLT and the Committee of Creditors, spearheaded by State Bank of India alongside other lenders. Importantly, Mr. Anil D. Ambani resigned from RCom’s board six years ago and holds no involvement with the company. Additionally, he has not served on the boards of Reliance Infrastructure or Reliance Power for over three and a half years.

 

Contrary to speculation, the attachment order does not affect the operations, financial performance, or future growth prospects of Reliance Infrastructure and Reliance Power. Both companies continue to operate smoothly with a strong focus on operational excellence and safeguarding the interests of their collective investor base exceeding 50 lakh shareholders.

 

Notable Updates:

The group reassured stakeholders of its unwavering commitment to growth and stability, dismissing any concern about the ED’s asset attachment impacting its ongoing business activities.

 

Sources:  

NSE Circular, Republic Business, Financial Express, The Statesman