'Have no impact on business or stakeholders': Reliance Infrastructure, Reliance Power issue statements after ED raids
&imwidth=600&imheight=450&format=webp&quality=medium "'Have no impact on business or stakeholders': Reliance Infrastructure, Reliance Power issue statements after ED raids")
File photo of Anil Ambani. Photograph: (AFP)
Reliance Infrastructure Limited (Reliance Infrastructure) and Reliance Power Limited (Reliance Power) have released a statement clarifying that ongoing actions will have no impact on the business activities of the firms.
After the Enforcement Directorate (ED) conducted a massive search operation at the premises of Anil Ambani's firms on Thursday, Reliance Infrastructure Limited (Reliance Infrastructure) and Reliance Power Limited (Reliance Power) released a statement clarifying that the recent actions have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure and Reliance Power.
The company further said in a statement that the media reports appear to pertain to allegations linked to transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old.
The raid was conducted at 35 premises, 50 companies, and over 25 persons allegedly linked to the money laundering case against Reliance Anil Ambani Group (RAAGA) Companies with Yes Bank.
No connection to RCOM or RHFL
It has also been clarified in the press note that Reliance Power is a separate and independent listed entity, which has no business or financial connection to RCOM or RHFL.
Currently, RCOM has been going through the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, for over 6 years. Whereas, RHFL has been fully resolved according to the judgment of the Supreme Court of India, the statement further read.
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According to a report by Indian news agency PTI, officials said over 35 premises across Mumbai and Delhi, involving 50 companies and about 25 individuals, are being searched under the Prevention of Money Laundering Act (PMLA).
ED sources indicated that they are investigating allegations of illegal loan diversion of approximately Rs 3,000 crore from Yes Bank between 2017 and 2019. The load was reportedly diverted to shell firms and other group entities. Investigators have also discovered proof indicating possible bribery of Yes Bank officials, including its promoter.
