Reliance Group slams Cobrapost allegations: 'Campaign of disinformation'

Reacting to media queries regarding a proposed press conference by a now-defunct online platform, Reliance Group said on Wednesday that some corporate rivals, who are acting through nominated individuals and associated entities, have been running a “deliberate and sustained campaign of calumny, disinformation, and character assassination” against it.

The company also called Cobrapost a self-appointed custodian of public interest. It said the exercise was aimed at creating confusion and undermining the confidence of over 55 lakh shareholders in Reliance Infrastructure and Reliance Power.

It said that these corporate rivals have orchestrated this exercise to tarnish the reputation of Reliance Infrastructure, Reliance Power, Anil Ambani, as well as the more than 55 lakh shareholders.

The Reliance Group also said that the rivals’ underlying motive is “to influence public perception, and manipulate market sentiment to serve their own vested commercial interests”.

The Reliance Group said that the proposed press conference is an attempt to tarnish the company and Anil Ambani's image and credibility. It also said that the exercise aims to destabilise shareholder confidence and influence ongoing investigations.

Reliance Infrastructure and Reliance Power are part of Reliance Group, led by top businessman Anil Ambani. Both Reliance Infrastructure and Reliance Power are debt-free with zero outstanding loans from banks or other financial institutions.

Reliance Group also stated that its financial strength is reflected in its net worth and annual turnover -- each amounting to over Rs 33,000 crore.

The group said that no new facts or revelations in the material were being circulatedor proposed to be disseminated.

It said that Cobrapost carried out the regurgitation of publicly available information. It also misrepresented, distorted, and took the information entirely out of context.

"The information being referred to is long available in the public domain and has already been examined by statutory authorities, including the CBI, ED, SEBI, and other competent agencies," it added.

The group pointed out that many matters are being adjudicated before competent judicial forums, and any suo motu comments or statements on these subjects would amount to contempt of court.

Reliance Group accused Aniruddha Bahal, founder and editor-in-chief of Cobrapost, of engaging in “improper and coercive tactics”, seeking to “extract concessions that ‘more than meets the eye’ from the Reliance Group under the guise of professional and impartial journalism”.

The group alleged that many individuals claiming links with Cobrapost approached people linked with the company and suggested that the matter could be "settled" through ethically and legally questionable means.

It called such conduct unlawful and unacceptable. It said the exercise reflects a disturbing pattern of blackmail and greenmail-style tactics.

The company said it will take measures to protect the interests of its shareholders. It is exploring pursuing appropriate legal remedies, ranging from contempt proceedings to defamation actions.

Reliance Group said that Cobrapost, dormant since 2019, has zero journalistic credibility and a 100 per cent track record of agenda-driven stings. Its sudden revival is fully funded by entities with direct commercial interest in acquiring Reliance Group assets.