From Deepak Chopra to Mira Nair, a fresh release of the Epstein Files has drawn attention to Indian-origin public figures whose names appear in Jeffrey Epstein’s emails and court-linked documents. Untitled Summary

From Deepak Chopra to Mira Nair: Indians whose names appear in Epstein files

India’s largest lender, the State Bank of India (SBI), is reportedly under fire for classifying Reliance Communications (RCOM) and its former director, Anil D. Ambani, as fraud. The move, passed through an ex-parte order in June 2025, has been branded “arbitrary and discriminatory” by Ambani’s counsel, who argue that the decision violates the principles of natural justice laid down by the Supreme Court.<h2>Counsel’s objections to SBI’s move</h2>According to Zee Business, Ambani’s lawyers say SBI’s Fraud Identification Committee passed its order without giving him a personal hearing, a requirement mandated by multiple rulings, including SBI v. Rajesh Agarwal (2023), T. Takano v. SEBI (2022), Milind Patel v. Union Bank of India (2024), and Ankit Bhuwalka v. IDBI Bank (2025).&nbsp;The counsel further alleges that SBI withheld key annexures of the forensic audit report. One annexure, meant to contain revenue breakup details, was reportedly shared in an incomplete form showing only icons instead of data sheets. This, they argue, deprived Ambani of a fair chance to respond.&nbsp;Adding to this, SBI had in April 2025 withdrawn show-cause notices against five non-executive directors of RCOM, including former SBI chairman Arun Purwar and ex-LIC chief Raj Narain Murari L. Bhardwaj, acknowledging they had no role in daily operations. Yet Ambani alone continues to face fraud action, raising concerns of selective treatment.&nbsp;What makes the matter more complex is the stance of other lenders. On 10 July 2025, Canara Bank, another consortium member, unconditionally withdrew its fraud classification against RCOM and Ambani before the Bombay High Court. As per PTI, the bank admitted the classification “could not be sustained in law.” This contradiction within the lenders’ consortium highlights a lack of uniformity.<h2>SBI’s position</h2>SBI, for its part, maintains that its order is consistent with the Reserve Bank of India’s Master Directions on fraud reporting. The bank points to findings of fund diversion and irregularities in loan agreements, based on a forensic audit of RCOM’s accounts. As reported by Reuters, the bank argues that it is duty-bound to report fraud cases to the RBI and file complaints with investigative agencies.<h2>Why this matters?&nbsp;</h2>Fraud classification has far-reaching consequences. Once tagged, borrowers and guarantors lose access to institutional credit for five years, and banks are required to lodge criminal complaints.&nbsp;For Ambani, this action adds to a series of regulatory setbacks. As per Bloomberg, insolvency proceedings continue at the NCLT over his personal guarantees, including a ₹1,385 crore ($166 million) exposure to SBI. In July 2025, the Enforcement Directorate conducted raids on Ambani-linked firms in connection with alleged diversion of Yes Bank loans, according to PTI.&nbsp;Meanwhile, SEBI in August 2025 rejected Ambani’s settlement plea in the Reliance Mutual Fund–Yes Bank AT1 bonds case, citing investor losses of ₹1,828 crore ($220 million), as reported by the New Indian Express. The government also told Parliament in July 2025 that SBI’s exposure to RCOM stood at over ₹3,000 crore ($360 million), including ₹2,227 crore in fund-based loans, as reported by Moneylife.<h2>A long and winding legal battle</h2>This is not the first time Anil Ambani and Reliance Communications have been caught in disputes with lenders over fraud classification. The saga dates back to November 2020, when SBI first declared RCom’s loan account fraudulent. In January 2021, SBI even lodged a complaint with the Central Bureau of Investigation (CBI), before the Delhi High Court stepped in and stayed the move, as per Reuters.&nbsp;In March 2023, the Supreme Court ruled that borrowers must be given a hearing before such a classification. Following this verdict, SBI withdrew its fraud tag in September 2023. But the relief was short-lived. Between December 2023 and September 2024, fresh show-cause notices were issued to RCom and Anil Ambani. On 23 June 2025, SBI reinstated the fraud classification against the company, as reported&nbsp;by PTI.&nbsp;Meanwhile, other lenders also shifted their stance. On 29 April 2025, SBI withdrew showcause notices against five non-executive directors of the company, while on 10 July 2025, Canara Bank informed the Bombay High Court that it had withdrawn its fraud classification against RCom, according to Reuters.&nbsp;The government has also been drawn into the matter. In July 2025, it told Parliament that SBI’s exposure to Reliance Communications stood at over ₹3,000 crore ($360 million), including ₹2,227 crore ($267 million) in fund-based loans, as reported by Moneylife. The same month, the Enforcement Directorate conducted raids on firms linked to Ambani over alleged diversion of loans from Yes Bank, according to PTI.&nbsp;Separately, the Securities and Exchange Board of India (SEBI) rejected settlement pleas filed by Anil Ambani and others in August 2025, in a case concerning Reliance Mutual Fund’s investments in Yes Bank’s additional tier-1 bonds. The regulator cited investor losses of ₹1,828 crore ($220 million) as the reason for not accepting the settlement, as reported by the New Indian Express.&nbsp;Alongside these cases, insolvency proceedings continue against Ambani’s personal guarantees, including a ₹1,385 crore ($166 million) exposure to SBI, which is being heard by the Mumbai bench of the National Company Law Tribunal (NCLT), as per Bloomberg.<h2>The bigger picture</h2>At the heart of the dispute is a critical question that can Indian banks enforce accountability in high-profile defaults while respecting due process and judicial precedents?&nbsp;SBI’s firm stance, contrasted with Canara Bank’s withdrawal, underscores the lack of uniformity in how lenders approach fraud classification. For Ambani, the outcome of this case could determine not just access to credit, but also his standing in multiple ongoing legal and regulatory battles.&nbsp;(With inputs from the agencies)&nbsp;&nbsp;

Ambani’s counsel argues that the order was passed without a hearing and with incomplete forensic audit disclosures, while other lenders like Canara Bank have withdrawn similar classifications.

India’s largest lender, the State Bank of India (SBI), is reportedly under fire for classifying Reliance Communications (RCOM) and its former director, Anil D. Ambani, as fraud. The move, passed through an ex-parte order in June 2025, has been branded “arbitrary and discriminatory” by Ambani’s counsel, who argue that the decision violates the principles of natural justice laid down by the Supreme Court. Counsel’s objections to SBI’s move According to Zee Business, Ambani’s lawyers say SBI’s Fraud Identification Committee passed its order without giving him a personal hearing, a requirement mandated by multiple rulings, including SBI v. Rajesh Agarwal (2023), T. Takano v. SEBI (2022), Milind Patel v. Union Bank of India (2024), and Ankit Bhuwalka v. IDBI Bank (2025). The counsel further alleges that SBI withheld key annexures of the forensic audit report. One annexure, meant to contain revenue breakup details, was reportedly shared in an incomplete form showing only icons instead of data sheets. This, they argue, deprived Ambani of a fair chance to respond. Adding to this, SBI had in April 2025 withdrawn show-cause notices against five non-executive directors of RCOM, including former SBI chairman Arun Purwar and ex-LIC chief Raj Narain Murari L. Bhardwaj, acknowledging they had no role in daily operations. Yet Ambani alone continues to face fraud action, raising concerns of selective treatment. What makes the matter more complex is the stance of other lenders. On 10 July 2025, Canara Bank, another consortium member, unconditionally withdrew its fraud classification against RCOM and Ambani before the Bombay High Court. As per PTI, the bank admitted the classification “could not be sustained in law.” This contradiction within the lenders’ consortium highlights a lack of uniformity. SBI’s position SBI, for its part, maintains that its order is consistent with the Reserve Bank of India’s Master Directions on fraud reporting. The bank points to findings of fund diversion and irregularities in loan agreements, based on a forensic audit of RCOM’s accounts. As reported by Reuters, the bank argues that it is duty-bound to report fraud cases to the RBI and file complaints with investigative agencies. Why this matters? Fraud classification has far-reaching consequences. Once tagged, borrowers and guarantors lose access to institutional credit for five years, and banks are required to lodge criminal complaints. For Ambani, this action adds to a series of regulatory setbacks. As per Bloomberg, insolvency proceedings continue at the NCLT over his personal guarantees, including a ₹1,385 crore ($166 million) exposure to SBI. In July 2025, the Enforcement Directorate conducted raids on Ambani-linked firms in connection with alleged diversion of Yes Bank loans, according to PTI. Meanwhile, SEBI in August 2025 rejected Ambani’s settlement plea in the Reliance Mutual Fund–Yes Bank AT1 bonds case, citing investor losses of ₹1,828 crore ($220 million), as reported by the New Indian Express. The government also told Parliament in July 2025 that SBI’s exposure to RCOM stood at over ₹3,000 crore ($360 million), including ₹2,227 crore in fund-based loans, as reported by Moneylife. A long and winding legal battle This is not the first time Anil Ambani and Reliance Communications have been caught in disputes with lenders over fraud classification. The saga dates back to November 2020, when SBI first declared RCom’s loan account fraudulent. In January 2021, SBI even lodged a complaint with the Central Bureau of Investigation (CBI), before the Delhi High Court stepped in and stayed the move, as per Reuters. In March 2023, the Supreme Court ruled that borrowers must be given a hearing before such a classification. Following this verdict, SBI withdrew its fraud tag in September 2023. But the relief was short-lived. Between December 2023 and September 2024, fresh show-cause notices were issued to RCom and Anil Ambani. On 23 June 2025, SBI reinstated the fraud classification against the company, as reported by PTI. Meanwhile, other lenders also shifted their stance. On 29 April 2025, SBI withdrew showcause notices against five non-executive directors of the company, while on 10 July 2025, Canara Bank informed the Bombay High Court that it had withdrawn its fraud classification against RCom, according to Reuters. The government has also been drawn into the matter. In July 2025, it told Parliament that SBI’s exposure to Reliance Communications stood at over ₹3,000 crore ($360 million), including ₹2,227 crore ($267 million) in fund-based loans, as reported by Moneylife. The same month, the Enforcement Directorate conducted raids on firms linked to Ambani over alleged diversion of loans from Yes Bank, according to PTI. Separately, the Securities and Exchange Board of India (SEBI) rejected settlement pleas filed by Anil Ambani and others in August 2025, in a case concerning Reliance Mutual Fund’s investments in Yes Bank’s additional tier-1 bonds. The regulator cited investor losses of ₹1,828 crore ($220 million) as the reason for not accepting the settlement, as reported by the New Indian Express. Alongside these cases, insolvency proceedings continue against Ambani’s personal guarantees, including a ₹1,385 crore ($166 million) exposure to SBI, which is being heard by the Mumbai bench of the National Company Law Tribunal (NCLT), as per Bloomberg. The bigger picture At the heart of the dispute is a critical question that can Indian banks enforce accountability in high-profile defaults while respecting due process and judicial precedents? SBI’s firm stance, contrasted with Canara Bank’s withdrawal, underscores the lack of uniformity in how lenders approach fraud classification. For Ambani, the outcome of this case could determine not just access to credit, but also his standing in multiple ongoing legal and regulatory battles. (With inputs from the agencies)

SBI has classified Reliance Communications and Anil Ambani as fraud, triggering a legal storm over alleged violations of due process.

SBI’s fraud tag on Anil Ambani sparks legal challenge: Was due process ignored?

The Enforcement Directorate (ED) has summoned Reliance Group chairman Anil Ambani on August 5 for questioning in connection with an alleged Rs 3,000 crore worth bank loan fraud-linked money laundering case. This comes almost a week after the ED conducted simultaneous raids at premises linked to Anil Ambani's Reliance Group (RAAGA Companies) in connection with a money laundering investigation related to the Yes Bank loan fraud case. The raids were launched on July 24 as part of the alleged bank fraud as well as multiple other allegations of financial irregularities.&nbsp;According to Indian news agency PTI, officials on Saturday last week said over 35 premises across Mumbai and Delhi, involving 50 companies and about 25 individuals, were being searched under the Prevention of Money Laundering Act (PMLA). Multiple reports quoted ED sources and indicated that they are investigating allegations of illegal loan diversion of approximately Rs 3,000 crore from Yes Bank between 2017 and 2019. The loan 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.<h3>Why is the ED investigating Anil Ambani?</h3>The investigative agency highlighted serious lapses in the approval process of the Yes Bank to Reliance Anil Ambani Group Companies, which also includes backdated credit documents. It also found banks giving loans to organisations or firms with weak financials and common directors, and the absence of due diligence. ED has also noted violations of loan terms, evergreening of accounts, and instances showing disbursal on the same day as or before loan approvals, according to a report by ET. &nbsp;Meanwhile, Securities and Exchange Board of India (SEBI) has also submitted findings in connection with the Reliance Home Finance Ltd. (RHFL), showing corporate loan booking more than doubled within a year, which raises serious concerns about irregularities and process violations.&nbsp;The ED claims this was a “well-thought-out and planned” scheme aimed at defrauding banks, shareholders, investors, and other public institutions by providing misleading information. The investigation uncovered several irregularities, such as loans given to unverified companies, the use of the same director and address across multiple firms, and a lack of loan documentation. It also discovered transfer of funds to shell companies and the issuing of new loans to repay old ones (loan evergreen strategy). The actions of the ED are based on two FIRs filed by the Central Bureau of Investigation (CBI), which alleged large-scale financial irregularities. Additionally, information from agencies like SEBI, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA) also contributed to advancing the investigation.&nbsp;The State Bank of India (SBI) also declared Anil Ambani’s company Reliance Communications (RCom) and Anil Ambani himself as “fraudulent” a few years ago. SBI alleges RCom misused loans worth Rs 31,580 crore after taking them from the bank. Out of this amount, around Rs 13,667 crore was used to repay loans of other companies, while Rs 12,692 crore was transferred to other companies within the Reliance Group, according to a report in Dainik Bhaskar. SBI also said that it is in the process of filing a complaint with the Central Bureau of Investigation (CBI) regarding the matter. Additionally, personal insolvency proceedings against Anil Ambani are currently underway at the National Company Law Tribunal (NCLT) in Mumbai.<h3>Reliance responds</h3>Meanwhile, 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 ED has summoned Anil Ambani over a ₹3,000 crore money laundering case linked to Yes Bank loan fraud. Raids revealed alleged loan diversion, shell firms, and financial irregularities. SBI and other agencies have flagged serious concerns against his companies.

The Enforcement Directorate (ED) has summoned Reliance Group chairman Anil Ambani on August 5 for questioning in connection with an alleged Rs 3,000 crore worth bank loan fraud-linked money laundering case. This comes almost a week after the ED conducted simultaneous raids at premises linked to Anil Ambani's Reliance Group (RAAGA Companies) in connection with a money laundering investigation related to the Yes Bank loan fraud case. The raids were launched on July 24 as part of the alleged bank fraud as well as multiple other allegations of financial irregularities. According to Indian news agency PTI, officials on Saturday last week said over 35 premises across Mumbai and Delhi, involving 50 companies and about 25 individuals, were being searched under the Prevention of Money Laundering Act (PMLA). Multiple reports quoted ED sources and indicated that they are investigating allegations of illegal loan diversion of approximately Rs 3,000 crore from Yes Bank between 2017 and 2019. The loan 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. Why is the ED investigating Anil Ambani? The investigative agency highlighted serious lapses in the approval process of the Yes Bank to Reliance Anil Ambani Group Companies, which also includes backdated credit documents. It also found banks giving loans to organisations or firms with weak financials and common directors, and the absence of due diligence. ED has also noted violations of loan terms, evergreening of accounts, and instances showing disbursal on the same day as or before loan approvals, according to a report by ET. Meanwhile, Securities and Exchange Board of India (SEBI) has also submitted findings in connection with the Reliance Home Finance Ltd. (RHFL), showing corporate loan booking more than doubled within a year, which raises serious concerns about irregularities and process violations. The ED claims this was a “well-thought-out and planned” scheme aimed at defrauding banks, shareholders, investors, and other public institutions by providing misleading information. The investigation uncovered several irregularities, such as loans given to unverified companies, the use of the same director and address across multiple firms, and a lack of loan documentation. It also discovered transfer of funds to shell companies and the issuing of new loans to repay old ones (loan evergreen strategy). The actions of the ED are based on two FIRs filed by the Central Bureau of Investigation (CBI), which alleged large-scale financial irregularities. Additionally, information from agencies like SEBI, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA) also contributed to advancing the investigation. The State Bank of India (SBI) also declared Anil Ambani’s company Reliance Communications (RCom) and Anil Ambani himself as “fraudulent” a few years ago. SBI alleges RCom misused loans worth Rs 31,580 crore after taking them from the bank. Out of this amount, around Rs 13,667 crore was used to repay loans of other companies, while Rs 12,692 crore was transferred to other companies within the Reliance Group, according to a report in Dainik Bhaskar. SBI also said that it is in the process of filing a complaint with the Central Bureau of Investigation (CBI) regarding the matter. Additionally, personal insolvency proceedings against Anil Ambani are currently underway at the National Company Law Tribunal (NCLT) in Mumbai. Reliance responds Meanwhile, 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 ED has summoned Anil Ambani over a ₹3,000 crore money laundering case linked to Yes Bank loan fraud. Raids revealed alleged loan diversion, shell firms, and financial irregularities. SBI and other agencies have flagged serious concerns against his companies.

Anil Ambani summoned by ED in $361 million loan fraud case: Why is the probe agency investigating him

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.&nbsp;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.&nbsp;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.<h3>No connection to RCOM or RHFL</h3>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.&nbsp;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.Also read: <a href="https://www.wionews.com/india-news/ed-raids-at-premises-of-anil-ambani-yes-bank-in-rs-3-000-crore-fraud-case-1753339608112">ED raids premises of Anil Ambani, Yes Bank in Rs 3,000 crore loan fraud case</a>&nbsp;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).&nbsp;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.

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. Also read: ED raids premises of Anil Ambani, Yes Bank in Rs 3,000 crore loan fraud case 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.

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.

'Have no impact on business or stakeholders': Reliance Infrastructure, Reliance Power issue statements after ED raids

The Enforcement Directorate (ED) on Thursday conducted simultaneous raids at premises linked to Anil Ambani's Reliance Group (RAAGA Companies) in connection with a money laundering investigation related to the Yes Bank loan fraud case.&nbsp;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).&nbsp;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.Also read: <a href="https://www.wionews.com/india-news/what-is-the-fraud-case-against-economic-offender-monika-kapoor-extradited-to-india-after-25-years-1752149876971">What is the fraud case against economic offender Monika Kapoor, extradited to India after 25 years</a><h3>Why is the ED investigating Anil Ambani?</h3>The investigative agency highlighted serious lapses in the approval process of the Yes Bank to Reliance Anil Ambani Group Companies, which also includes backdated credit documents. It also found banks giving loans to organisations or firms with weak financials and common directors, and the absence of due diligence. ED has also noted violations of loan terms, evergreening of accounts, and instances showing disbursal on the same day as or before loan approvals, according to a report by ET.&nbsp;The ED stated that more than 50 companies and 25 individuals are under scrutiny. Meanwhile, SEBI has also submitted findings in connection with the Reliance Home Finance Ltd. (RHFL), showing corporate loan booking more than doubled within a year, which raises serious concerns about irregularities and process violations.<h3>Other allegations against Anil Ambani’s companies?</h3>The State Bank of India (SBI) declared Anil Ambani’s company Reliance Communications (RCom) and Anil Ambani himself as “fraudulent” a few years ago. SBI alleges RCom misused loans worth Rs 31,580 crore after taking them from the bank. Out of this amount, around Rs 13,667 crore was used to repay loans of other companies, while Rs 12,692 crore was transferred to other companies within the Reliance Group, according to a report in Dainik Bhaskar.&nbsp;SBI also said that it is in the process of filing a complaint with the Central Bureau of Investigation (CBI) regarding the matter. Additionally, personal insolvency proceedings against Anil Ambani are currently underway at the National Company Law Tribunal (NCLT) in Mumbai.<h3>Reliance responds</h3>Meanwhile, 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.<h3>Frequently asked questions:</h3>Question 1: Why has ED taken action against Anil Ambani's firms?Answer:The case is related to loans worth around Rs 3,000 crore disbursed by Yes Bank to companies linked to Anil Ambani’s Reliance Group between 2017 and 2019.&nbsp;Question 2: What else was discovered in the ED investigation?Answer:The ED claims this was a “well-thought-out and planned” scheme aimed at defrauding banks, shareholders, investors, and other public institutions by providing misleading information. The investigation uncovered several irregularities, such as loans given to unverified companies, the use of the same director and address across multiple firms, and a lack of loan documentation. It also discovered transfer of funds to shell companies and the issuing of new loans to repay old ones (loan evergreen strategy)&nbsp;Question 3: What role is the CBI playing in this case?Answer:The actions of the ED are based on two FIRs filed by the Central Bureau of Investigation (CBI), which alleged large-scale financial irregularities. Additionally, information from agencies like SEBI, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA) also contributed to advancing the investigation.&nbsp;Question 4: What impact has the raid had on Anil Ambani’s companies?Answer:After the reports of the raids came to light, shares of Anil Ambani’s two key firms, Reliance Infrastructure and Reliance Power, fell by up to 5 percent.

The ED conducted a raid at premises linked to Anil Ambani's Reliance Group (RAAGA Companies) in connection with a money laundering case of Rs 3,000 crore tied to the Yes Bank loan fraud case.

The Enforcement Directorate (ED) on Thursday conducted simultaneous raids at premises linked to Anil Ambani's Reliance Group (RAAGA Companies) in connection with a money laundering investigation related to the Yes Bank loan fraud case. 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. Also read: What is the fraud case against economic offender Monika Kapoor, extradited to India after 25 years Why is the ED investigating Anil Ambani? The investigative agency highlighted serious lapses in the approval process of the Yes Bank to Reliance Anil Ambani Group Companies, which also includes backdated credit documents. It also found banks giving loans to organisations or firms with weak financials and common directors, and the absence of due diligence. ED has also noted violations of loan terms, evergreening of accounts, and instances showing disbursal on the same day as or before loan approvals, according to a report by ET. The ED stated that more than 50 companies and 25 individuals are under scrutiny. Meanwhile, SEBI has also submitted findings in connection with the Reliance Home Finance Ltd. (RHFL), showing corporate loan booking more than doubled within a year, which raises serious concerns about irregularities and process violations. Other allegations against Anil Ambani’s companies? The State Bank of India (SBI) declared Anil Ambani’s company Reliance Communications (RCom) and Anil Ambani himself as “fraudulent” a few years ago. SBI alleges RCom misused loans worth Rs 31,580 crore after taking them from the bank. Out of this amount, around Rs 13,667 crore was used to repay loans of other companies, while Rs 12,692 crore was transferred to other companies within the Reliance Group, according to a report in Dainik Bhaskar. SBI also said that it is in the process of filing a complaint with the Central Bureau of Investigation (CBI) regarding the matter. Additionally, personal insolvency proceedings against Anil Ambani are currently underway at the National Company Law Tribunal (NCLT) in Mumbai. Reliance responds Meanwhile, 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. Frequently asked questions: Question 1: Why has ED taken action against Anil Ambani's firms? Answer: The case is related to loans worth around Rs 3,000 crore disbursed by Yes Bank to companies linked to Anil Ambani’s Reliance Group between 2017 and 2019. Question 2: What else was discovered in the ED investigation? Answer: The ED claims this was a “well-thought-out and planned” scheme aimed at defrauding banks, shareholders, investors, and other public institutions by providing misleading information. The investigation uncovered several irregularities, such as loans given to unverified companies, the use of the same director and address across multiple firms, and a lack of loan documentation. It also discovered transfer of funds to shell companies and the issuing of new loans to repay old ones (loan evergreen strategy) Question 3: What role is the CBI playing in this case? Answer: The actions of the ED are based on two FIRs filed by the Central Bureau of Investigation (CBI), which alleged large-scale financial irregularities. Additionally, information from agencies like SEBI, the National Housing Bank, Bank of Baroda, and the National Financial Reporting Authority (NFRA) also contributed to advancing the investigation. Question 4: What impact has the raid had on Anil Ambani’s companies? Answer: After the reports of the raids came to light, shares of Anil Ambani’s two key firms, Reliance Infrastructure and Reliance Power, fell by up to 5 percent.

The ED conducted a raid at premises linked to Anil Ambani's Reliance Group (RAAGA Companies) in connection with a money laundering case of Rs 3,000 crore tied to the Yes Bank loan fraud case.

ED raids premises of Anil Ambani, Yes Bank in Rs 3,000 crore loan fraud case

Canara Bank informed the division bench of the Bombay High Court on Thursday that it has decided to unconditionally withdraw the fraud classification of Anil Ambani in the Reliance Communications’ (RCom) matter. Canara Bank, a lead member of the consortium of lenders, including SBI and Union Bank, had designated the Reliance Communications account as fraudulent in November 2024. Anil Ambani had challenged the decision in the Bombay High Court.&nbsp;The division bench comprising Justice Revati Mohite Dere and Justice Neela Gokhale disposed of Anil Ambani’s petition challenging the bank’s order, after the disclosure was filed in the Bombay High Court, saying that nothing survives in it. The court also directed that the withdrawal of the order also be informed to the banking regulator, the Reserve Bank of India&nbsp;On February 8, 2024, the Bombay High Court stayed Canara Bank’s classification order, observing that the action appeared to violate the Reserve Bank of India’s master circular and a Supreme Court ruling mandating that borrowers must be granted a personal hearing before being classified as fraudulent.&nbsp;Anil Ambani’s counsel had argued that Canara Bank did not uphold the principles of natural justice and that contrary to the Supreme Court’s directive he was neither given a personal hearing nor the critical documents used in the classification process were shared with him.&nbsp;While granting a stay on Canara Bank’s order, the bench had also sought a response from the Reserve Bank of India (RBI), remarking that “RBI needs to take some action against banks as this is happening repeatedly.”&nbsp;With Canara Bank’s decision to withdraw the fraud classification, the spotlight now shifts to SBI, which has also declared the RCom account as fraudulent. Legal experts say that SBI’s move could also face the same legal setbacks.&nbsp;Challenging the SBI move, the counsel for Anil Ambani contended that SBI’s order was issued ex-parte, without affording his client the opportunity to be heard—a violation of both natural justice and Supreme Court ruling.&nbsp;Given the similarities between the two cases, legal analysts assume that SBI’s order may also meet the same fait accompli as Canara Bank’s.

The division bench of the Bombay High Court comprising Justice Revati Mohite Dere and Justice Neela Gokhale disposed of Anil Ambani’s petition challenging the bank’s order, after the disclosure was filed in the Bombay High Court, saying that nothing survives in it.

Canara Bank informed the division bench of the Bombay High Court on Thursday that it has decided to unconditionally withdraw the fraud classification of Anil Ambani in the Reliance Communications’ (RCom) matter. Canara Bank, a lead member of the consortium of lenders, including SBI and Union Bank, had designated the Reliance Communications account as fraudulent in November 2024. Anil Ambani had challenged the decision in the Bombay High Court. The division bench comprising Justice Revati Mohite Dere and Justice Neela Gokhale disposed of Anil Ambani’s petition challenging the bank’s order, after the disclosure was filed in the Bombay High Court, saying that nothing survives in it. The court also directed that the withdrawal of the order also be informed to the banking regulator, the Reserve Bank of India On February 8, 2024, the Bombay High Court stayed Canara Bank’s classification order, observing that the action appeared to violate the Reserve Bank of India’s master circular and a Supreme Court ruling mandating that borrowers must be granted a personal hearing before being classified as fraudulent. Anil Ambani’s counsel had argued that Canara Bank did not uphold the principles of natural justice and that contrary to the Supreme Court’s directive he was neither given a personal hearing nor the critical documents used in the classification process were shared with him. While granting a stay on Canara Bank’s order, the bench had also sought a response from the Reserve Bank of India (RBI), remarking that “RBI needs to take some action against banks as this is happening repeatedly.” With Canara Bank’s decision to withdraw the fraud classification, the spotlight now shifts to SBI, which has also declared the RCom account as fraudulent. Legal experts say that SBI’s move could also face the same legal setbacks. Challenging the SBI move, the counsel for Anil Ambani contended that SBI’s order was issued ex-parte, without affording his client the opportunity to be heard—a violation of both natural justice and Supreme Court ruling. Given the similarities between the two cases, legal analysts assume that SBI’s order may also meet the same fait accompli as Canara Bank’s.

The division bench of the Bombay High Court, comprising Justice Revati Mohite Dere and Justice Neela Gokhale, disposed of Anil Ambani’s petition challenging the bank’s order after the disclosure was filed in the Bombay High Court, saying that nothing survives in it.

Canara Bank drops fraud tag from Anil Ambani in RCom loan case

The State Bank of India (SBI) has branded Reliance Communications' loan account as "fraud" without hearing Anil Ambani, reigniting accusations of a relentless smear campaign against the former telecom tycoon by his business rivals. SBI said it had reported Anil Ambani as a fraud to the Reserve Bank of India (RBI) on July 1, 2025. However, in what is construed as a misuse of its powers, it issued the order without providing Ambani a personal hearing. SBI's ex parte order cites a 2020 forensic audit alleging Rs 12,692.31 crore in fund diversions from a Rs 31,580 crore loan dating back to 2016. These orders&nbsp;are issued in emergencies. However, the forensic audit report was available with SBI for 5 years, which means there was no emergency.&nbsp;The bank's action echoes a failed attempt by Canara Bank in November 2024, which was stayed by the Bombay High Court in February 2025 for procedural violations. Ambani’s legal team has slammed SBI’s move as a “gross violation” of natural justice, RBI guidelines, and judicial precedents, pointing to a pattern of regulatory overreach that consistently overshadows positive developments in Ambani’s business ventures.&nbsp;The SBI’s fraud classification is marred by procedural flaws, including the withholding of the full forensic audit report and reliance on a December 2023 show-cause notice (SCN) issued under outdated RBI guidelines, superseded by revised directives in July 2024. Ambani’s counsel argues that SBI’s failure to respond to communications for nearly a year led him to believe the matter was resolved, and the selective targeting of Ambani—while SCNs against other non-executive directors were withdrawn—suggests a vendetta possibly fueled by corporate rivalries. This is not an isolated incident; in May 2025, Reliance Power faced allegations of submitting fake SBI guarantees for a government tender, leading to a temporary blacklisting, though Ambani avoided personal liability. Similarly, in August 2024, SEBI banned Ambani and 24 entities from the stock market over alleged fund diversion at Reliance Home Finance, a decision currently under appeal. These incidents, often amplified by media, coincide with positive milestones, such as Reliance Power’s debt-free status and a joint venture with a US defense contractor in July 2025, fueling speculation of a coordinated effort to tarnish Ambani’s legacy. The pattern of regulatory and legal actions against Ambani is striking, particularly as they often emerge during periods of business recovery. For instance, the SEBI ban followed Reliance Infrastructure’s reported net worth recovery to ₹33,000 crore, while SBI’s fraud tag came amid Reliance Power’s expansion into clean energy and defense, including a deal to supply artillery shells to a German firm. The 2020 UK bankruptcy declaration, where Ambani claimed to have “nothing meaningful” in personal wealth, garnered global headlines, yet subsequent court reliefs, like the Delhi High Court’s 2021 status quo order on RCom’s fraud classifications, received less attention. Critics argue that these actions, often stalled by courts for procedural lapses—as seen in the Bombay High Court’s rebuke of Canara Bank’s “cut, copy, paste” fraud order—reflect a broader agenda, possibly linked to Ambani’s past rivalry. SBI’s latest move also disregards protections under the Insolvency and Bankruptcy Code (IBC), particularly Section 32A, which shields companies under the Corporate Insolvency Resolution Process (CIRP) from pre-insolvency liabilities once a resolution plan is approved. RCom, managed by a Resolution Professional since May 2018 with a debt of ₹48,216 crore as of March 2025, awaits National Company Law Tribunal (NCLT) approval for its resolution plan. Yet, SBI persists in targeting Ambani for pre-CIRP loans, a move critics say undermines the IBC framework and risks derailing RCom’s revival. This echoes earlier controversies, such as the 2018 allegations of fund diversion at Reliance Naval and Engineering, which led to insolvency proceedings but no conclusive evidence against Ambani personally. The recurring cycle of high-profile accusations, followed by judicial stays or dismissals, as seen in the Canara Bank case and SEBI’s ongoing appeal, underscores a pattern of regulatory aggression that legal experts predict will face another judicial rebuke, further exposing the apparent witch hunt against Anil Ambani. Pattern of Smear Campaign: The SBI fraud tag, SEBI ban, and Reliance Power tender controversy illustrate a pattern where regulatory actions coincide with Ambani’s business recovery efforts, such as Reliance Power’s debt-free status and defense contracts. These incidents, often amplified by the media, are frequently stalled by courts due to procedural flaws. Procedural Violations: SBI’s ex-parte order, like Canara Bank’s failed fraud tag, violates RBI’s Master Directions on Frauds and principles of natural justice by denying Ambani a hearing and full audit disclosure. The SEBI ban also faces challenges for similar reasons. Selective Targeting: SBI’s withdrawal of SCNs against other RCom directors while pursuing Ambani, despite his non-executive role, mirrors the selective scrutiny in the Reliance Power tender case, where only the SECI chief faced consequences. Judicial Precedents: The Bombay High Court’s February 2025 stay on Canara Bank’s fraud tag and the Delhi High Court’s 2021 order highlight a judiciary critical of banks’ overreach. The SEBI ban’s appeal and SBI’s order are likely to follow suit. Corporate Rivalry: While speculative, the timing of actions against Ambani, are often linked to his rivalry. IBC Protections: SBI’s pursuit of pre-CIRP liabilities disregards IBC Section 32A, aligning with criticisms of banks undermining insolvency processes, as seen in Reliance Naval’s case.&nbsp;This isn't an isolated incident. The 2024 SEBI ban and 2025 Reliance Power tender controversy, alongside earlier issues like Reliance Naval’s insolvency, reflect a consistent pattern of regulatory scrutiny that often lacks conclusive evidence against Ambani. However, they are often successful at generating negative publicity against the businessman.

The State Bank of India (SBI) has branded Reliance Communications' loan account as "fraud" without hearing Anil Ambani, reigniting accusations of a relentless smear campaign against the former telecom tycoon by his business rivals. SBI said it had reported Anil Ambani as a fraud.

The State Bank of India (SBI) has branded Reliance Communications' loan account as "fraud" without hearing Anil Ambani, reigniting accusations of a relentless smear campaign against the former telecom tycoon by his business rivals. SBI said it had reported Anil Ambani as a fraud to the Reserve Bank of India (RBI) on July 1, 2025. However, in what is construed as a misuse of its powers, it issued the order without providing Ambani a personal hearing. SBI's ex parte order cites a 2020 forensic audit alleging Rs 12,692.31 crore in fund diversions from a Rs 31,580 crore loan dating back to 2016. These orders are issued in emergencies. However, the forensic audit report was available with SBI for 5 years, which means there was no emergency. The bank's action echoes a failed attempt by Canara Bank in November 2024, which was stayed by the Bombay High Court in February 2025 for procedural violations. Ambani’s legal team has slammed SBI’s move as a “gross violation” of natural justice, RBI guidelines, and judicial precedents, pointing to a pattern of regulatory overreach that consistently overshadows positive developments in Ambani’s business ventures. The SBI’s fraud classification is marred by procedural flaws, including the withholding of the full forensic audit report and reliance on a December 2023 show-cause notice (SCN) issued under outdated RBI guidelines, superseded by revised directives in July 2024. Ambani’s counsel argues that SBI’s failure to respond to communications for nearly a year led him to believe the matter was resolved, and the selective targeting of Ambani—while SCNs against other non-executive directors were withdrawn—suggests a vendetta possibly fueled by corporate rivalries. This is not an isolated incident; in May 2025, Reliance Power faced allegations of submitting fake SBI guarantees for a government tender, leading to a temporary blacklisting, though Ambani avoided personal liability. Similarly, in August 2024, SEBI banned Ambani and 24 entities from the stock market over alleged fund diversion at Reliance Home Finance, a decision currently under appeal. These incidents, often amplified by media, coincide with positive milestones, such as Reliance Power’s debt-free status and a joint venture with a US defense contractor in July 2025, fueling speculation of a coordinated effort to tarnish Ambani’s legacy. The pattern of regulatory and legal actions against Ambani is striking, particularly as they often emerge during periods of business recovery. For instance, the SEBI ban followed Reliance Infrastructure’s reported net worth recovery to ₹33,000 crore, while SBI’s fraud tag came amid Reliance Power’s expansion into clean energy and defense, including a deal to supply artillery shells to a German firm. The 2020 UK bankruptcy declaration, where Ambani claimed to have “nothing meaningful” in personal wealth, garnered global headlines, yet subsequent court reliefs, like the Delhi High Court’s 2021 status quo order on RCom’s fraud classifications, received less attention. Critics argue that these actions, often stalled by courts for procedural lapses—as seen in the Bombay High Court’s rebuke of Canara Bank’s “cut, copy, paste” fraud order—reflect a broader agenda, possibly linked to Ambani’s past rivalry. SBI’s latest move also disregards protections under the Insolvency and Bankruptcy Code (IBC), particularly Section 32A, which shields companies under the Corporate Insolvency Resolution Process (CIRP) from pre-insolvency liabilities once a resolution plan is approved. RCom, managed by a Resolution Professional since May 2018 with a debt of ₹48,216 crore as of March 2025, awaits National Company Law Tribunal (NCLT) approval for its resolution plan. Yet, SBI persists in targeting Ambani for pre-CIRP loans, a move critics say undermines the IBC framework and risks derailing RCom’s revival. This echoes earlier controversies, such as the 2018 allegations of fund diversion at Reliance Naval and Engineering, which led to insolvency proceedings but no conclusive evidence against Ambani personally. The recurring cycle of high-profile accusations, followed by judicial stays or dismissals, as seen in the Canara Bank case and SEBI’s ongoing appeal, underscores a pattern of regulatory aggression that legal experts predict will face another judicial rebuke, further exposing the apparent witch hunt against Anil Ambani. Pattern of Smear Campaign: The SBI fraud tag, SEBI ban, and Reliance Power tender controversy illustrate a pattern where regulatory actions coincide with Ambani’s business recovery efforts, such as Reliance Power’s debt-free status and defense contracts. These incidents, often amplified by the media, are frequently stalled by courts due to procedural flaws. Procedural Violations: SBI’s ex-parte order, like Canara Bank’s failed fraud tag, violates RBI’s Master Directions on Frauds and principles of natural justice by denying Ambani a hearing and full audit disclosure. The SEBI ban also faces challenges for similar reasons. Selective Targeting: SBI’s withdrawal of SCNs against other RCom directors while pursuing Ambani, despite his non-executive role, mirrors the selective scrutiny in the Reliance Power tender case, where only the SECI chief faced consequences. Judicial Precedents: The Bombay High Court’s February 2025 stay on Canara Bank’s fraud tag and the Delhi High Court’s 2021 order highlight a judiciary critical of banks’ overreach. The SEBI ban’s appeal and SBI’s order are likely to follow suit. Corporate Rivalry: While speculative, the timing of actions against Ambani, are often linked to his rivalry. IBC Protections: SBI’s pursuit of pre-CIRP liabilities disregards IBC Section 32A, aligning with criticisms of banks undermining insolvency processes, as seen in Reliance Naval’s case. This isn't an isolated incident. The 2024 SEBI ban and 2025 Reliance Power tender controversy, alongside earlier issues like Reliance Naval’s insolvency, reflect a consistent pattern of regulatory scrutiny that often lacks conclusive evidence against Ambani. However, they are often successful at generating negative publicity against the businessman.

The bank's action echoes a failed attempt by Canara Bank in November 2024, which was stayed by the Bombay High Court in February 2025 for procedural violations.

Anil Ambani's legal team flags procedural flaws in SBI's order, calls it witch hunt

The flagship firm of Anil Ambani, Reliance Infrastructure Ltd is hoping to raise Rs 1,100 crore of equity infusion from the promoters and another Rs 1,910 crore from two Mumbai-based investment firms. As reported in a company filing, the sum is as per the agreement reached between the investment firms and Reliance.

The board of the company on September 19 approved a fundraise plan of Rs 6,000 crore, out of which it would raise Rs 3,014 crore through preferential allotment of shares and Rs 3,000 crore share issue to institutional buyers as detailed in a report by Press Trust of India.

Brief history of Reliance Infrastructure

Reliance Infrastructure Limited, a constituent of the Reliance Group was incorporated in 1929. The Company is engaged in the business of providing Engineering and Construction (E&amp;C) services for power, roads, metro rail, and other infrastructure sectors. The Company is also engaged in the implementation, operation, and maintenance of several projects in the defense sector and infrastructural areas through its special-purpose vehicles. It has executed the state-of-the-art Mumbai Metro Line One project on a build, own, operate, and transfer basis as per its official website.

Further, the first phase will result in a preferential placement worth Rs 3,014 crore in terms of which 12.56 crore equity shares or convertible warrants will be issued at an issue price of Rs 240 per share, as stated in the postal ballot by the company wherein it sought nod from shareholders for issue of shares.

Of this, promoters of Reliance Infrastructure will invest Rs 1,104 crore by subscribing through promoter company Risee Infinity Private Limited. Risee will subscribe for 4.60 crore shares. The two other investors participating in the preferential issue are Mumbai-based Fortune Financial &amp; Equities Services and Florintree Innovations LLP. Florintree is owned by former Blackstone executive Mathew Cyriac, while Fortune Financial is owned by Nimish Shah.

Reliance Infra promoters hold 21.34 per cent share. Fortune Financial &amp; Equities Services are expected to invest Rs 1,058 crore through subscription for 4.41 equity shares through the preferential allotment route. Florintree Innovations will invest Rs 852 crore. Shares of 3.55 crore will be allotted.

The preferential issues will increase the net worth of Reliance Infra from Rs 9,000 crore to Rs 12,000 crore, with near zero debt. The company is looking for shareholders' nod by postal ballot. The e-voting will begin on 20 September and will close on 19 October.

The result of the postal ballot will be declared on October 21. The Preferential Issue proceeds will be utilized for the expansion of business operations directly and/or by way of investment in subsidiaries and joint ventures, including meeting the long-term working capital requirements and for general corporate purposes.

The flagship firm of Anil Ambani, Reliance Infrastructure Ltd is hoping to raise Rs 1,100 crore of equity infusion from the promoters and another Rs 1,910 crore from two Mumbai-based investment firms.

The flagship firm of Anil Ambani, Reliance Infrastructure Ltd is hoping to raise Rs 1,100 crore of equity infusion from the promoters and another Rs 1,910 crore from two Mumbai-based investment firms. As reported in a company filing, the sum is as per the agreement reached between the investment firms and Reliance. The board of the company on September 19 approved a fundraise plan of Rs 6,000 crore, out of which it would raise Rs 3,014 crore through preferential allotment of shares and Rs 3,000 crore share issue to institutional buyers as detailed in a report by Press Trust of India. Brief history of Reliance Infrastructure Reliance Infrastructure Limited, a constituent of the Reliance Group was incorporated in 1929. The Company is engaged in the business of providing Engineering and Construction (E&C) services for power, roads, metro rail, and other infrastructure sectors. The Company is also engaged in the implementation, operation, and maintenance of several projects in the defense sector and infrastructural areas through its special-purpose vehicles. It has executed the state-of-the-art Mumbai Metro Line One project on a build, own, operate, and transfer basis as per its official website. Further, the first phase will result in a preferential placement worth Rs 3,014 crore in terms of which 12.56 crore equity shares or convertible warrants will be issued at an issue price of Rs 240 per share, as stated in the postal ballot by the company wherein it sought nod from shareholders for issue of shares. Of this, promoters of Reliance Infrastructure will invest Rs 1,104 crore by subscribing through promoter company Risee Infinity Private Limited. Risee will subscribe for 4.60 crore shares. The two other investors participating in the preferential issue are Mumbai-based Fortune Financial & Equities Services and Florintree Innovations LLP. Florintree is owned by former Blackstone executive Mathew Cyriac, while Fortune Financial is owned by Nimish Shah. Reliance Infra promoters hold 21.34 per cent share. Fortune Financial & Equities Services are expected to invest Rs 1,058 crore through subscription for 4.41 equity shares through the preferential allotment route. Florintree Innovations will invest Rs 852 crore. Shares of 3.55 crore will be allotted. The preferential issues will increase the net worth of Reliance Infra from Rs 9,000 crore to Rs 12,000 crore, with near zero debt. The company is looking for shareholders' nod by postal ballot. The e-voting will begin on 20 September and will close on 19 October. The result of the postal ballot will be declared on October 21. The Preferential Issue proceeds will be utilized for the expansion of business operations directly and/or by way of investment in subsidiaries and joint ventures, including meeting the long-term working capital requirements and for general corporate purposes.

Reliance Infra raises Rs 1,910 crore; promoters to invest Rs 1,100 crore

Reliance power limited has paid off the entire obligations of the company as a guarantor on behalf of Vidarbha Industries Power Limited (VIPL). The total outstanding debt amounts to Rs 3872.04 crore. Shares of the company rose 5 per cent following the announcement.

The company said, 'Reliance Power has settled all disputes with CFM Asset Reconstruction Private Limited (CFM). 100% shares of VIPL have been pledged in favour of CFM against the release and discharge of Corporate Guarantee given by Reliance Power.'

"As a result, Invent ARC's entire fund based outstanding amount has been reduced to Zero. Additionally, Reliance Infra has cleared its funded outstanding dues to Life Insurance Corporation of India, Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank, and other lenders. The Company’s external debt liability is down to INR 475 crore. Consequently, the net worth of the Company will stand at Rs 9,041 crore," it added.

Reliance power limited has paid off the entire obligations of the company as a guarantor on behalf of Vidarbha Industries Power Limited (VIPL). The total outstanding debt amounts to Rs 3872.

Reliance power limited has paid off the entire obligations of the company as a guarantor on behalf of Vidarbha Industries Power Limited (VIPL). The total outstanding debt amounts to Rs 3872.04 crore. Shares of the company rose 5 per cent following the announcement. The company said, 'Reliance Power has settled all disputes with CFM Asset Reconstruction Private Limited (CFM). 100% shares of VIPL have been pledged in favour of CFM against the release and discharge of Corporate Guarantee given by Reliance Power.' "As a result, Invent ARC's entire fund based outstanding amount has been reduced to Zero. Additionally, Reliance Infra has cleared its funded outstanding dues to Life Insurance Corporation of India, Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank, and other lenders. The Company’s external debt liability is down to INR 475 crore. Consequently, the net worth of the Company will stand at Rs 9,041 crore," it added.

Reliance power settles outstanding loans, shares jump

Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company.

Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years.

Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it.

In its 222-page final order, Sebi found that Anil Ambani, with the help of RHFL's key managerial personnel, had orchestrated a fraudulent scheme to siphon-off funds from RHFL by disguising them as loans to entities linked to him.

Also read:&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-chatgpt-and-vogue-publisher-cond%C3%A9-nast-join-hands-for-searchgpt-partnership-what-does-it-mean-751871">ChatGPT and Vogue publisher Condé Nast join hands for SearchGPT partnership. What does it mean?</a>

Although the Board of Directors of RHFL had issued strong directives to stop such lending practices and reviewed corporate loans regularly, the company's management ignored these orders.

This suggests a significant failure of governance, driven by certain key managerial personnel under the influence of Anil Ambani.

Given these circumstances, the company RHFL itself should not be held equally responsible as the individuals involved in the fraud.

Further, the remaining entities have played the role of being either recipients of illegally obtained loans or conduits to enable illegal diversion of monies from RHFL, the regulator noted.

Sebi said its findings have established the "existence of a fraudulent scheme, orchestrated by Noticee No. 2 (Anil Ambani) and administered by the KMPs of RHFL, to siphon off funds from the public listed company (RHFL) by structuring them as 'loans' to credit unworthy conduit borrowers, and in turn, to onward borrowers, all of whom have been found to be 'promoter linked entities' i.e. entities associated/ linked with Noticee 2 (Anil Ambani)".

Ambani used his position as 'chairperson of the ADA group' and his significant indirect shareholding in the holding company of RHFL to orchestrate the fraud.

Sebi, in its order on Thursday, noted the cavalier approach of the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue.

This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL.

Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

For example, in March 2018, RHFL's share price was around Rs 59.60. By March 2020, as the extent of the fraud became clear and the company was drained of its resources, the share price had plummeted to just Rs 0.75.

Even now, over 9 lakh shareholders remain invested in RHFL, facing significant losses.

The 24 restrained entities include former key officials of Reliance Home Finance Ltd (RHFL) -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- and Sebi has imposed fine on them for their role in the case.

Also, the regulator levied a fine of Rs 25 crore on Ambani, Rs 27 crore on Bapna, Rs 26 crore on Sudhalkar and Rs 21 crore on Shah.

Additionally, the remaining entities including Reliance Unicorn Enterprises, Reliance Exchange next Lt, Reliance Commercial Finance Ltd, Reliance Cleangen Ltd, Reliance Business Broadcast News Holdings Ltd and Reliance Big Entertainment Private Ltd have been imposed a penalty of Rs 25 crore each.

These fines have been levied on them for either receiving the illegally obtained loans or acted as intermediaries to facilitate the illegal diversion of funds from RHFL.

In February 2022, markets watchdog Sebi had passed an interim order and restrained Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah) from the securities market till further orders for allegedly siphoning off funds from the company.

Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company.

Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. In its 222-page final order, Sebi found that Anil Ambani, with the help of RHFL's key managerial personnel, had orchestrated a fraudulent scheme to siphon-off funds from RHFL by disguising them as loans to entities linked to him. Also read: ChatGPT and Vogue publisher Condé Nast join hands for SearchGPT partnership. What does it mean? Although the Board of Directors of RHFL had issued strong directives to stop such lending practices and reviewed corporate loans regularly, the company's management ignored these orders. This suggests a significant failure of governance, driven by certain key managerial personnel under the influence of Anil Ambani. Given these circumstances, the company RHFL itself should not be held equally responsible as the individuals involved in the fraud. Further, the remaining entities have played the role of being either recipients of illegally obtained loans or conduits to enable illegal diversion of monies from RHFL, the regulator noted. Sebi said its findings have established the "existence of a fraudulent scheme, orchestrated by Noticee No. 2 (Anil Ambani) and administered by the KMPs of RHFL, to siphon off funds from the public listed company (RHFL) by structuring them as 'loans' to credit unworthy conduit borrowers, and in turn, to onward borrowers, all of whom have been found to be 'promoter linked entities' i.e. entities associated/ linked with Noticee 2 (Anil Ambani)". Ambani used his position as 'chairperson of the ADA group' and his significant indirect shareholding in the holding company of RHFL to orchestrate the fraud. Sebi, in its order on Thursday, noted the cavalier approach of the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position. For example, in March 2018, RHFL's share price was around Rs 59.60. By March 2020, as the extent of the fraud became clear and the company was drained of its resources, the share price had plummeted to just Rs 0.75. Even now, over 9 lakh shareholders remain invested in RHFL, facing significant losses. The 24 restrained entities include former key officials of Reliance Home Finance Ltd (RHFL) -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- and Sebi has imposed fine on them for their role in the case. Also, the regulator levied a fine of Rs 25 crore on Ambani, Rs 27 crore on Bapna, Rs 26 crore on Sudhalkar and Rs 21 crore on Shah. Additionally, the remaining entities including Reliance Unicorn Enterprises, Reliance Exchange next Lt, Reliance Commercial Finance Ltd, Reliance Cleangen Ltd, Reliance Business Broadcast News Holdings Ltd and Reliance Big Entertainment Private Ltd have been imposed a penalty of Rs 25 crore each. These fines have been levied on them for either receiving the illegally obtained loans or acted as intermediaries to facilitate the illegal diversion of funds from RHFL. In February 2022, markets watchdog Sebi had passed an interim order and restrained Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah) from the securities market till further orders for allegedly siphoning off funds from the company.

Sebi Bans Anil Ambani, 24 entities from securities market for 5 years

Pandora papers have hit headlines everywhere in the world and have sent shockwaves through the global elite&nbsp;as their investments worth millions, most of them suspicious and made with tax avoidance in mind, have been leaked. The list includes politicians, sports stars, royal personalities and more. As per Indian Express, more than 300 Indians find their names mentioned in the Pandora papers.

Here are some of the high profile names that have been made public so far

Sachin Tendulkar

The cricket legend has found his name embroiled in the leak. Sachin and members of his family were reportedly beneficiaries of an offshore entity set up in British Virgin Islands. The assets were liquidated in 2016 after Panama papers leak. The assets are reportedly worth USD 8.6 million.

Also Read | <a href="https://www.wionews.com/world/pandora-papers-largest-leak-of-offshore-data-in-history-explained-417996">Pandora Papers: Largest leak of offshore data in history explained</a>

Sachin Tendulkar Foundation's CEO has been quoted in media reports as saying that all investments were lawful and legitimate.

Anil Ambani

Anil Ambani, the business magnate who is chairman of Reliance Anil Dhirubhai Ambani Group (ADAG) has also been mentioned. Indian Express says that Ambani and ADAG Group representatives own at least 18 offshore companies in Jersey, British Virgin Islands (BVI) and Cyprus.

<a href="https://www.wionews.com/india-news/pandora-papers-live-update-tendulkar-shakira-king-of-jordan-putin-named-in-leak-418058">Click here for LIVE updates on Pandora papers leak</a>

Interestingly,&nbsp;Anil Ambani declared bankruptcy in a court in UK and claimed that his net worth was zero. The claim was made in February 2020 during his dispute with three&nbsp;Chinese banks. The court had voiced its skepticism over this

Biocon Founder Kiran Mazumdar-Shaw

The biotech entrepreneur has been mentioned in connection with her husband John McCallum Marshall Shaw who has come on radar. He is a British citizen and a key person associated with a trust he set up was barred by the Securities and Exchanges Board of India (Sebi) for insider trading in July 2021.

Also Read | <a href="https://www.wionews.com/world/pandora-papers-king-of-jordans-property-empire-reportedly-worth-over-100-million-418040">Pandora papers: King of Jordan's property empire reportedly worth over $100 million</a>

Kunal Ashok Kashyap, the person in question, was the ‘Protector’ of The Deanstone Trust, set up in New Zealand in July 2015 by Mauritius-based Glentec International, the ‘Settlor’. Regulatory authorities were not aware of this.&nbsp;

Also Read | <a href="https://www.wionews.com/india-news/pandora-papers-biocons-kiran-mazumdar-shaw-says-husbands-offshore-trust-bonafide-and-legitimate-418103">Pandora papers: Biocon's Kiran Mazumdar-Shaw says husband's offshore trust 'bonafide and legitimate'</a>

Fugitive jeweller Nirav Modi's sister

Purvi Modi, sister of fugitive jeweller Nirav Modi, reportedly set up a firm in British Virgin Islands. The trust was set up to act as a corporate protector of another trust formed through the Trident Trust Company, Singapore.

<a href="https://www.wionews.com/india-news/pandora-papers-how-nirav-modis-sister-purvi-opened-a-firm-in-british-virgin-islands-418099">Also Read:&nbsp;How Nirav Modi's sister Purvi opened a firm in British Virgin Islands</a>

Nirav Modi fled India in January 2018. He is wanted in the&nbsp;Punjab National Bank scam case.

Jackie Shroff

Also Read | <a href="https://www.wionews.com/world/shakira-to-sachin-tendulkar-famous-names-emerge-in-the-investigation-of-pandora-papers-418007">Shakira to Sachin Tendulkar: Famous names emerge in the investigation of Pandora Papers</a>

Pandora papers reportedly mention Bollywood actor Jackie Shroff as being the prime beneficiary of a trust set up in New Zealand by his mother-in-law. The trust has a Swiss bank account. It also owned offshore company registered in British Virgin Islands.

Satish Sharma

Captain Satish Sharma, a Congress leader who was close to the Gandhi family has his name mentioned in Pandora papers as well. Sharma had offshore entities and properties. He, along with some members of his family were beneficiary of a trust named&nbsp;Jan Zegers Trust.

Sharma passed away in February this year.

Watch this space for more.

Pandora papers have hit headlines everywhere in the world and have sent shockwaves through the global elite as their investments worth millions, most of them suspicious and made with tax avoidance in mind, have been leaked.

Pandora papers have hit headlines everywhere in the world and have sent shockwaves through the global elite as their investments worth millions, most of them suspicious and made with tax avoidance in mind, have been leaked. The list includes politicians, sports stars, royal personalities and more. As per Indian Express, more than 300 Indians find their names mentioned in the Pandora papers. Here are some of the high profile names that have been made public so far Sachin Tendulkar The cricket legend has found his name embroiled in the leak. Sachin and members of his family were reportedly beneficiaries of an offshore entity set up in British Virgin Islands. The assets were liquidated in 2016 after Panama papers leak. The assets are reportedly worth USD 8.6 million. Also Read | Pandora Papers: Largest leak of offshore data in history explained Sachin Tendulkar Foundation's CEO has been quoted in media reports as saying that all investments were lawful and legitimate. Anil Ambani Anil Ambani, the business magnate who is chairman of Reliance Anil Dhirubhai Ambani Group (ADAG) has also been mentioned. Indian Express says that Ambani and ADAG Group representatives own at least 18 offshore companies in Jersey, British Virgin Islands (BVI) and Cyprus. Click here for LIVE updates on Pandora papers leak Interestingly, Anil Ambani declared bankruptcy in a court in UK and claimed that his net worth was zero. The claim was made in February 2020 during his dispute with three Chinese banks. The court had voiced its skepticism over this Biocon Founder Kiran Mazumdar-Shaw The biotech entrepreneur has been mentioned in connection with her husband John McCallum Marshall Shaw who has come on radar. He is a British citizen and a key person associated with a trust he set up was barred by the Securities and Exchanges Board of India (Sebi) for insider trading in July 2021. Also Read | Pandora papers: King of Jordan's property empire reportedly worth over $100 million Kunal Ashok Kashyap, the person in question, was the ‘Protector’ of The Deanstone Trust, set up in New Zealand in July 2015 by Mauritius-based Glentec International, the ‘Settlor’. Regulatory authorities were not aware of this. Also Read | Pandora papers: Biocon's Kiran Mazumdar-Shaw says husband's offshore trust 'bonafide and legitimate' Fugitive jeweller Nirav Modi's sister Purvi Modi, sister of fugitive jeweller Nirav Modi, reportedly set up a firm in British Virgin Islands. The trust was set up to act as a corporate protector of another trust formed through the Trident Trust Company, Singapore. Also Read: How Nirav Modi's sister Purvi opened a firm in British Virgin Islands Nirav Modi fled India in January 2018. He is wanted in the Punjab National Bank scam case. Jackie Shroff Also Read | Shakira to Sachin Tendulkar: Famous names emerge in the investigation of Pandora Papers Pandora papers reportedly mention Bollywood actor Jackie Shroff as being the prime beneficiary of a trust set up in New Zealand by his mother-in-law. The trust has a Swiss bank account. It also owned offshore company registered in British Virgin Islands. Satish Sharma Captain Satish Sharma, a Congress leader who was close to the Gandhi family has his name mentioned in Pandora papers as well. Sharma had offshore entities and properties. He, along with some members of his family were beneficiary of a trust named Jan Zegers Trust. Sharma passed away in February this year. Watch this space for more.

Pandora papers leak: Anil Ambani, Sachin Tendulkar, Jackie Shroff named, check list of other high-profile Indian names

The board of Anil Ambani-led Reliance Infrastructure Limited (RInfra) on Sunday gave its approval to raising Rs. 550.56 crore in fresh funding.<o:p></o:p>

The funds will be raised by preferential allotment of up to 8.88 crore equity shares and / or warrants convertible into equivalent number of shares of the company to promoter group and VFSI Holdings Pte. Limited, an affiliate of Värde Investment Partners, LP.

The issue price of shares is set at 62 rupees apiece.

The funds will be utilised for long-term resources, for general corporate purposes, fund future growth and to reduce debt, the Indian company said in a release.

The board of directors gave its nod to&nbsp;seeking approval of the members of the company for the proposal through postal ballot, said RInfra, one of India’s largest infrastructure companies.

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RInfra has projects in various infrastructure sectors such as power, roads and Metro Rail, as well as in the defence sector.<o:p></o:p>

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The board of Anil Ambani-led Reliance Infrastructure Limited (RInfra) on Sunday gave its approval to raising Rs. 550.56 crore in fresh funding. The funds will be raised by preferential allotment of up to 8.

The board of Anil Ambani-led Reliance Infrastructure Limited (RInfra) on Sunday gave its approval to raising Rs. 550.56 crore in fresh funding. The funds will be raised by preferential allotment of up to 8.88 crore equity shares and / or warrants convertible into equivalent number of shares of the company to promoter group and VFSI Holdings Pte. Limited, an affiliate of Värde Investment Partners, LP. The issue price of shares is set at 62 rupees apiece. The funds will be utilised for long-term resources, for general corporate purposes, fund future growth and to reduce debt, the Indian company said in a release. The board of directors gave its nod to seeking approval of the members of the company for the proposal through postal ballot, said RInfra, one of India’s largest infrastructure companies. RInfra has projects in various infrastructure sectors such as power, roads and Metro Rail, as well as in the defence sector.

Reliance Infrastructure board approves raising funds of over 550 crore rupees

The board of directors of Reliance Infrastructure (RInfra)&nbsp;will consider raising fresh funds through various means like issuing equity shares, rights issue and qualified institutional placement, the Anil Ambani-led company has said in a regulatory filing.

The board of directors will meet on Sunday to cosider infusing fresh liquidity, which&nbsp;will enhance its financial flexibility and enable it to become a zero-debt company by March next year, it said in the&nbsp;filing on Wednesday.

The board will&nbsp;consider this&nbsp;and&nbsp;any other proposals to raise long-term equity resources.&nbsp;Further details will be announced upon conclusion of the board meeting.

“…We wish to inform you that a meeting of the Board of Directors of the Company will be- held on Sunday, June 6, 2021, to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/ or qualified institutional placement and/or rights issue or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate,” RInfra said in the filing.

“Further, please note that in accordance with the Company's Code of Practices and Procedures and Code of Conduct to Regulate, Monitor and Report Trading In Securities and Fair Disclosure of Unpublished Price Sensitive Information (the “Code’) read with ‘the Securities and Exchange Board Of India (Prohibition Of Insider Trading) . Regulations, 2015, the Trading Window for trading in the securities of the Company for Designated Persons shall remain closed from the close of business hours of Wednesday, June 2, 2021, till 48 hours after the outcome of the Board Meeting are made public in terms of the SEBI | (Listing Obligations and Disclosure Requirements) — Regulations, 2015,” it added.

The promoter group has made the proposal to the board to infuse fresh equity into the company,&nbsp;demonstrating their confidence in the long-term prospects of the company.

RInfra has a track record of over 20 years in execution of projects aggregating over Rs 200,000 crore,&nbsp;and&nbsp;new opportunities are coming up everyday.

The company already has an Engineering, procurement, and construction (EPC) order book of over Rs 25,000 crore, power distribution business in Delhi serving 45 lakh customers and defence manufacturing business.

The board of directors of Reliance Infrastructure (RInfra) will consider raising fresh funds through various means like issuing equity shares, rights issue and qualified institutional placement, the Anil Ambani-led company has said in a regulatory filing.

The board of directors of Reliance Infrastructure (RInfra) will consider raising fresh funds through various means like issuing equity shares, rights issue and qualified institutional placement, the Anil Ambani-led company has said in a regulatory filing. The board of directors will meet on Sunday to cosider infusing fresh liquidity, which will enhance its financial flexibility and enable it to become a zero-debt company by March next year, it said in the filing on Wednesday. The board will consider this and any other proposals to raise long-term equity resources. Further details will be announced upon conclusion of the board meeting. “…We wish to inform you that a meeting of the Board of Directors of the Company will be- held on Sunday, June 6, 2021, to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/ or qualified institutional placement and/or rights issue or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate,” RInfra said in the filing. “Further, please note that in accordance with the Company's Code of Practices and Procedures and Code of Conduct to Regulate, Monitor and Report Trading In Securities and Fair Disclosure of Unpublished Price Sensitive Information (the “Code’) read with ‘the Securities and Exchange Board Of India (Prohibition Of Insider Trading) . Regulations, 2015, the Trading Window for trading in the securities of the Company for Designated Persons shall remain closed from the close of business hours of Wednesday, June 2, 2021, till 48 hours after the outcome of the Board Meeting are made public in terms of the SEBI | (Listing Obligations and Disclosure Requirements) — Regulations, 2015,” it added. The promoter group has made the proposal to the board to infuse fresh equity into the company, demonstrating their confidence in the long-term prospects of the company. RInfra has a track record of over 20 years in execution of projects aggregating over Rs 200,000 crore, and new opportunities are coming up everyday. The company already has an Engineering, procurement, and construction (EPC) order book of over Rs 25,000 crore, power distribution business in Delhi serving 45 lakh customers and defence manufacturing business.

Reliance Infrastructure board to consider fresh fundraising, aims to become zero-debt co by next March

Reliance Group Chairman Anil Ambani has been asked to appear in front of Enforcement Directorate (ED) in connection with money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday, reported news agency PTI.

Reliance Group Chairman Anil Ambani has been asked to appear in front of Enforcement Directorate (ED) in connection with money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday, reported news agency PTI. Ambani has been asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are one among the big entities whose loans went bad after borrowing from the crisis-hit bank, the report added. It is understood that Ambani has sought exemption on health grounds from the agency and he may be issued a new date. Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPA. Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said. Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month. The ED has accused Rana, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA. (With inputs from PTI)

Yes Bank crisis: Anil Ambani asked to appear before Enforcement Directorate today 

Reliance Group is looking to lease out its headquarters in one of Mumbai's prime suburbs, the telecoms to infrastructure conglomerate said, a move that will help the company to raise funds to pay off debt.

Some of the companies under the Reliance Group conglomerate, controlled by businessman Anil Ambani, have been <a href="https://www.wionews.com/india-news/reliance-has-paid-debt-servicing-payments-of-over-rs-35000-crore-anil-ambani-226184">hit by a spate of credit ratings downgrades and auditing issues</a>.

"Reliance infrastructure plans to monetise its marquee Reliance Center Office located in Santacruz East, Mumbai," the company said in a statement.

Reliance will continue to own the premises and proceeds from the leasing deal will go only for debt reduction, the company said. It did not comment on the financial details of the deal or the group's financial condition.

Ambani is the younger brother of Asia's richest man Mukesh Ambani. A feud between the brothers over control the Reliance empire broke out after the death of their father in 2002. The Reliance businesses were split up in 2005 as part of a settlement between them.

That made them both billionaires but while Mukesh's energy, telecoms and retail conglomerate had gone from strength to strength, Anil's companies have struggled.

Mukesh, however, appears more recently to have offered some kind of support to his younger brother so he could repay $80 million in debt to Swedish telecom company Ericsson.

Debts

The company headquarters, located along a busy highway in the premium commercial area of western Mumbai, is spread over 0.7 million square feet and accommodates more than 3,000 employees, a Reliance executive said. The property is under control of the flagship company of the group, Reliance Infrastructure Ltd.

Reliance Infrastructure, known as R-Infra, builds and runs bridges, roads, metro rail and power plants, and operates the company's fledgeling defence business. It is one of the most indebted companies under the Reliance umbrella and has sold off assets in the past two years.

It currently has debts of 150 billion rupees ($2.17 billion) and Ambani said last month that he would sell off all its road assets as it seeks to become a debt-free company by next year.

Reliance Infrastructure reported heavy losses in its fourth quarter results. Its auditors raised red flags around the latest results and cast doubts over the manner in which the firm had accounted for several transactions.

Ambani's financials business, Reliance Capital Ltd also came under scrutiny when global audit firm PwC resigned citing irregularities in the books of accounts. The company rejected the auditor's report.

The company has appointed real estate consulting firm JLL as advisers for leasing out its headquarters, the executive said.

JLL did not reply to an email seeking comment.

Reliance Group is looking to lease out its headquarters in one of Mumbai's prime suburbs, the telecoms to infrastructure conglomerate said, a move that will help the company to raise funds to pay off debt.

Reliance Group is looking to lease out its headquarters in one of Mumbai's prime suburbs, the telecoms to infrastructure conglomerate said, a move that will help the company to raise funds to pay off debt. Some of the companies under the Reliance Group conglomerate, controlled by businessman Anil Ambani, have been hit by a spate of credit ratings downgrades and auditing issues. "Reliance infrastructure plans to monetise its marquee Reliance Center Office located in Santacruz East, Mumbai," the company said in a statement. Reliance will continue to own the premises and proceeds from the leasing deal will go only for debt reduction, the company said. It did not comment on the financial details of the deal or the group's financial condition. Ambani is the younger brother of Asia's richest man Mukesh Ambani. A feud between the brothers over control the Reliance empire broke out after the death of their father in 2002. The Reliance businesses were split up in 2005 as part of a settlement between them. That made them both billionaires but while Mukesh's energy, telecoms and retail conglomerate had gone from strength to strength, Anil's companies have struggled. Mukesh, however, appears more recently to have offered some kind of support to his younger brother so he could repay $80 million in debt to Swedish telecom company Ericsson. Debts The company headquarters, located along a busy highway in the premium commercial area of western Mumbai, is spread over 0.7 million square feet and accommodates more than 3,000 employees, a Reliance executive said. The property is under control of the flagship company of the group, Reliance Infrastructure Ltd. Reliance Infrastructure, known as R-Infra, builds and runs bridges, roads, metro rail and power plants, and operates the company's fledgeling defence business. It is one of the most indebted companies under the Reliance umbrella and has sold off assets in the past two years. It currently has debts of 150 billion rupees ($2.17 billion) and Ambani said last month that he would sell off all its road assets as it seeks to become a debt-free company by next year. Reliance Infrastructure reported heavy losses in its fourth quarter results. Its auditors raised red flags around the latest results and cast doubts over the manner in which the firm had accounted for several transactions. Ambani's financials business, Reliance Capital Ltd also came under scrutiny when global audit firm PwC resigned citing irregularities in the books of accounts. The company rejected the auditor's report. The company has appointed real estate consulting firm JLL as advisers for leasing out its headquarters, the executive said. JLL did not reply to an email seeking comment.

Reliance Group to lease out company headquarters to pay off debt

Reliance group chairman Anil Ambani on Tuesday said the group has repaid over Rs 35,000 crore of <a href="https://www.wionews.com/india-news/in-heartfelt-message-anil-ambani-thanks-brother-mukesh-for-timely-support-during-trying-times-204209">debt during the past 14 months</a> and exuded confidence that it would meet all future debt obligations through the ongoing asset monetisation plan.

In a conference call with media, he said the Rs 35,000 crore debt repayment includes debt servicing by Reliance Capital, Reliance Power and Reliance Infra and their respective affiliates.

"The Reliance group has made aggregate debt servicing payments of over Rs 35,000 crore in the 14 months period from April 2018 till May 2019," Ambani said.

These comprise principal repayment of Rs 25,000 crore and interest payment of nearly Rs 11,000 crore he said without offering details.

He claimed that this payment has been funded almost entirely from the proceeds from asset monetisation and that the group is fully committed to meet all its future debt servicing obligation in a timely manner as more asset sales are on.&nbsp;

Reliance group chairman Anil Ambani on Tuesday said the group has repaid over Rs 35,000 crore of debt during the past 14 months and exuded confidence that it would meet all future debt obligations through the ongoing asset monetisation plan.

Reliance group chairman Anil Ambani on Tuesday said the group has repaid over Rs 35,000 crore of debt during the past 14 months and exuded confidence that it would meet all future debt obligations through the ongoing asset monetisation plan. In a conference call with media, he said the Rs 35,000 crore debt repayment includes debt servicing by Reliance Capital, Reliance Power and Reliance Infra and their respective affiliates. "The Reliance group has made aggregate debt servicing payments of over Rs 35,000 crore in the 14 months period from April 2018 till May 2019," Ambani said. These comprise principal repayment of Rs 25,000 crore and interest payment of nearly Rs 11,000 crore he said without offering details. He claimed that this payment has been funded almost entirely from the proceeds from asset monetisation and that the group is fully committed to meet all its future debt servicing obligation in a timely manner as more asset sales are on.

Reliance has paid debt servicing payments of over Rs 35,000 crore: Anil Ambani

Reliance Group on Sunday dismissed Congress president Rahul Gandhi's claim that Anil Ambani is "a dishonest businessman and crony capitalist."&nbsp;

Gandhi's claims are "patently untrue statements," said a spokesperson of Reliance Group.

"Congress party president Rahul Gandhi, in his typical cavalier fashion has continued his campaign of calumny, disinformation, distortion and malicious lies. Yesterday, he singled out our group chairman Anil D Ambani as allegedly a crony capitalist and dishonest businessman — all obviously patently untrue statements," the spokesperson further said in the statement.

"As is by now, customary for all of Rahul Gandhi's public statements, he has attributed no basis to these claims whatsoever, and neither has he provided any credible evidence at all to justify his derogatory and defamatory campaign."

Reliance Group spokesperson said: "We at the Reliance Group have chosen to ignore Rahul Gandhi's comments with continuing patience and restraint. We likewise dismiss his latest remark as yet another one of his multiple untruthful utterances, in the heat and dust of his electoral campaign, for which he has recently been facing contempt proceedings in the highest court of the land, the Hon'ble Supreme Court."

"We would like to remind Rahul Gandhi, that it was during the 10 year Congress-led UPA regime between 2004 and 2014 that Anil Ambani-led Reliance Group was awarded projects of over Rs 1,00,000 crore across diverse key nation-building infrastructure sectors such as power, telecom, roads, metro by a government led by none other than Rahul Gandhi's own political party - the Congress," said the spokesperson.

"The Reliance Group takes this opportunity to request Rahul Gandhi to clarify whether his government, for 10 long years, was supporting an alleged crony capitalist and dishonest businessman, to use Mr Gandhi's own words," the spokesperson said.

Gandhi has repeatedly levelled allegations against the BJP government for alleged wrongdoings in the Rafale deal and has accused Prime Minister Narendra Modi directly of corruption, which the ruling party has outrightly denied.

The Congress president has alleged that Prime Minister Modi conducted "parallel negotiations" and cancelled the previous deal agreed by the UPA government, and gave Ambani firm's Reliance Defence the offset contract worth Rs 30,000 crore.

Reliance Group on Sunday dismissed Congress president Rahul Gandhi's claim that Anil Ambani is "a dishonest businessman and crony capitalist." Gandhi's claims are "patently untrue statements," said a spokesperson of Reliance Group.

Reliance Group on Sunday dismissed Congress president Rahul Gandhi's claim that Anil Ambani is "a dishonest businessman and crony capitalist." Gandhi's claims are "patently untrue statements," said a spokesperson of Reliance Group. "Congress party president Rahul Gandhi, in his typical cavalier fashion has continued his campaign of calumny, disinformation, distortion and malicious lies. Yesterday, he singled out our group chairman Anil D Ambani as allegedly a crony capitalist and dishonest businessman — all obviously patently untrue statements," the spokesperson further said in the statement. "As is by now, customary for all of Rahul Gandhi's public statements, he has attributed no basis to these claims whatsoever, and neither has he provided any credible evidence at all to justify his derogatory and defamatory campaign." Reliance Group spokesperson said: "We at the Reliance Group have chosen to ignore Rahul Gandhi's comments with continuing patience and restraint. We likewise dismiss his latest remark as yet another one of his multiple untruthful utterances, in the heat and dust of his electoral campaign, for which he has recently been facing contempt proceedings in the highest court of the land, the Hon'ble Supreme Court." "We would like to remind Rahul Gandhi, that it was during the 10 year Congress-led UPA regime between 2004 and 2014 that Anil Ambani-led Reliance Group was awarded projects of over Rs 1,00,000 crore across diverse key nation-building infrastructure sectors such as power, telecom, roads, metro by a government led by none other than Rahul Gandhi's own political party - the Congress," said the spokesperson. "The Reliance Group takes this opportunity to request Rahul Gandhi to clarify whether his government, for 10 long years, was supporting an alleged crony capitalist and dishonest businessman, to use Mr Gandhi's own words," the spokesperson said. Gandhi has repeatedly levelled allegations against the BJP government for alleged wrongdoings in the Rafale deal and has accused Prime Minister Narendra Modi directly of corruption, which the ruling party has outrightly denied. The Congress president has alleged that Prime Minister Modi conducted "parallel negotiations" and cancelled the previous deal agreed by the UPA government, and gave Ambani firm's Reliance Defence the offset contract worth Rs 30,000 crore.

Reliance Group dismisses Rahul Gandhi's charge of Anil Ambani being crony capitalist

Congress president <a href="https://www.google.com/url?q=https://www.wionews.com/india-news/our-nyay-to-undo-the-anyay-of-narendra-modi-govt-rahul-gandhi-209114&amp;sa=U&amp;ved=0ahUKEwiDiu20_9vhAhVMv48KHc-IDGcQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0OBhYm2S8hoQBMMlAFOdjc">Rahul Gandhi </a>Friday said his party's <a href="https://www.google.com/url?q=https://www.wionews.com/india-news/who-will-do-nyay-to-governments-of-the-great-mgr-asks-pm-modi-in-tamil-nadu-210024&amp;sa=U&amp;ved=0ahUKEwiDiu20_9vhAhVMv48KHc-IDGcQFggIMAE&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw35HDg1-OkF1few_h-N9NIO">'Nyay'</a> scheme will help in revival of the economy and create jobs in the country which has been badly affected by demonetisation and GST decisions of the Narendra Modi government.

Addressing a poll rally in Gujarat, Gandhi repeated his "chowkidar chor hai" (the watchman if thief) jibe to target Prime Minister Narendra Modi and alleged he has given Rs 30,000 crore to businessman Anil Ambani in the Rafale fighter jet deal.

"We have promised to give Rs 72,000 crore (a year) to poor people under the Nyay scheme which will change the economic condition of the poor in the country," he said.

Gandhi said the scheme, Nyuntam Aay Yojana (Nyay) - a key feature of the Congress manifesto for the Lok Sabha polls - was devised after consultations within the party.

"I had called all the economists of the Congress party and asked them what is the amount that we can give to the poor people of the country.

"They came up with the figure of Rs 72,000," he said, adding Modi had in 2014 made a false promise of giving Rs 15 lakh to people, but the Congress will definitely give Rs 3.60 lakh (estimated cost of `Nyay').

The Congress chief attacked the Modi government over its 2016 note-ban exercise.

"One fine day, Narendra Modi announced that notes of Rs 1,000 and Rs 500 have been scrapped as they do not help me create more black money. So I will introduce a new note of Rs 2,000 as through it we can make more black money," Gandhi said, mocking the demonetisation move.

"They&nbsp;introduced Gabbar Singh Tax. Both the steps were big blows to our economy," he said, criticising the BJP- led government over its implementation of the Good and Services Tax (GST).

"Common people had stopped purchasing goods after demonetisation due to cash crunch, so Indian companies producing goods were closed down. Hence, the unemployment rate is highest at 45 per cent in the country now," Gandhi said.

"However, our Nyay scheme will revive the economy and create more jobs. Money that will go to people under the Nyay scheme will help people purchase things, our companies will be revived and people will get a job," he said.

Gandhi said the Modi government is working for a few rich industrialists.

"This government works for rich industrialists only. Do common people require chowkidar? Chowkidar is not required in front of the house of farmers.&nbsp; 
This is Anil Ambani's chowkidar," Gandhi, said targeting Modi.

"The chowkidar gave Rs 30,000 crore to Ambani. Chowkidar chors hai," the Congress said, alleging corruption in the Rafale deal with France.

Anil Ambani has rejected Gandhi's allegations and emphasised that the government had no role in the Rafale- manufacturer French company Dassault picking up his company as a local partner.

"Under the new crop insurance scheme, the government has given districts and states to a few rich industrialists. Modi has given the entire Kashmir to Anil Ambani," he said.

Gandhi said if his party comes to power, it will bring a law to ensure farmers do not go to jail if they default on the payment of loans.

He said the Congress governments, after coming to power, waived loans of farmers in states like Karnataka, Madhya Pradesh, Punjab, Rajasthan and Chhattisgarh.

"Narendra Modi does not have money to waive farmer loans, but they have money to waive loans taken by big industrialists," Gandhi said.

He was addressing the poll rally at Bajipura in Bardoli district from where Congress candidate Tushar Chaudhary is fighting polls.

The Congress chief had addressed two rallies Thursday in Gujarat - one in Vanthli in Junagadh district and the other at Bhuj in Kutch district.

Speaking to reporters Thursday night, Gandhi had said an undercurrent in favour of the Congress was evident in the entire country and Modi is losing the 2019 elections.

All the 26 Lok Sabha seats in Gujarat will vote in a single phase on

Congress president Rahul Gandhi Friday said his party's 'Nyay' scheme will help in revival of the economy and create jobs in the country which has been badly affected by demonetisation and GST decisions of the Narendra Modi government.

Congress president Rahul Gandhi Friday said his party's 'Nyay' scheme will help in revival of the economy and create jobs in the country which has been badly affected by demonetisation and GST decisions of the Narendra Modi government. Addressing a poll rally in Gujarat, Gandhi repeated his "chowkidar chor hai" (the watchman if thief) jibe to target Prime Minister Narendra Modi and alleged he has given Rs 30,000 crore to businessman Anil Ambani in the Rafale fighter jet deal. "We have promised to give Rs 72,000 crore (a year) to poor people under the Nyay scheme which will change the economic condition of the poor in the country," he said. Gandhi said the scheme, Nyuntam Aay Yojana (Nyay) - a key feature of the Congress manifesto for the Lok Sabha polls - was devised after consultations within the party. "I had called all the economists of the Congress party and asked them what is the amount that we can give to the poor people of the country. "They came up with the figure of Rs 72,000," he said, adding Modi had in 2014 made a false promise of giving Rs 15 lakh to people, but the Congress will definitely give Rs 3.60 lakh (estimated cost of `Nyay'). The Congress chief attacked the Modi government over its 2016 note-ban exercise. "One fine day, Narendra Modi announced that notes of Rs 1,000 and Rs 500 have been scrapped as they do not help me create more black money. So I will introduce a new note of Rs 2,000 as through it we can make more black money," Gandhi said, mocking the demonetisation move. "They introduced Gabbar Singh Tax. Both the steps were big blows to our economy," he said, criticising the BJP- led government over its implementation of the Good and Services Tax (GST). "Common people had stopped purchasing goods after demonetisation due to cash crunch, so Indian companies producing goods were closed down. Hence, the unemployment rate is highest at 45 per cent in the country now," Gandhi said. "However, our Nyay scheme will revive the economy and create more jobs. Money that will go to people under the Nyay scheme will help people purchase things, our companies will be revived and people will get a job," he said. Gandhi said the Modi government is working for a few rich industrialists. "This government works for rich industrialists only. Do common people require chowkidar? Chowkidar is not required in front of the house of farmers. This is Anil Ambani's chowkidar," Gandhi, said targeting Modi. "The chowkidar gave Rs 30,000 crore to Ambani. Chowkidar chors hai," the Congress said, alleging corruption in the Rafale deal with France. Anil Ambani has rejected Gandhi's allegations and emphasised that the government had no role in the Rafale- manufacturer French company Dassault picking up his company as a local partner. "Under the new crop insurance scheme, the government has given districts and states to a few rich industrialists. Modi has given the entire Kashmir to Anil Ambani," he said. Gandhi said if his party comes to power, it will bring a law to ensure farmers do not go to jail if they default on the payment of loans. He said the Congress governments, after coming to power, waived loans of farmers in states like Karnataka, Madhya Pradesh, Punjab, Rajasthan and Chhattisgarh. "Narendra Modi does not have money to waive farmer loans, but they have money to waive loans taken by big industrialists," Gandhi said. He was addressing the poll rally at Bajipura in Bardoli district from where Congress candidate Tushar Chaudhary is fighting polls. The Congress chief had addressed two rallies Thursday in Gujarat - one in Vanthli in Junagadh district and the other at Bhuj in Kutch district. Speaking to reporters Thursday night, Gandhi had said an undercurrent in favour of the Congress was evident in the entire country and Modi is losing the 2019 elections. All the 26 Lok Sabha seats in Gujarat will vote in a single phase on

'Nyay' will revive economy, create jobs, says Rahul Gandhi in Gujarat rally

In the wake of reports that it granted huge tax waiver to Anil Ambani's French firm, France Saturday said a global settlement was reached between the French tax authorities and the Reliance subsidiary and that it was not subject to any political interference.

Leading French newspaper Le Monde reported that France waived taxes worth 143.7 million euros to a French-registered telecom subsidiary of Ambani's Reliance Communications in 2015, months after Prime Minister Narendra Modi's announcement of India buying 36 Rafale jets.

"A global settlement was reached between the French tax authorities and Reliance Flag, a telecom company, in a tax dispute pertaining to the period 2008-2012," the French embassy said in a statement.

It further said, "This settlement was conducted in full adherence with the legislative and regulatory framework governing this common practice of the tax administration," the embassy said.

It said the settlement was not subject to any political interference whatsoever.

Prime Minister Narendra Modi had announced the procurement of a batch of 36 Rafale jets after talks with the then French President Francois Hollande on April 10, 2015 in Paris.

The final deal was sealed on September 23, 2016.

The Congress has been alleging massive irregularities in the deal, saying the government was procuring each aircraft at a cost of over Rs 1,670 crore as against Rs 526 crore finalised by the UPA government when it was negotiating the deal.

The Congress has also been targeting the government over the selection of Anil Ambani-owned Reliance Defence as an offset partner for Dassault Aviation, the manufacturer of Rafale.

The government has rejected the allegations.

The French newspaper said the company was investigated by French tax authorities and found liable to pay 60 million euros in taxes for the period 2007 to 2010.

However, Reliance offered to pay 7.6 million euros only as a settlement but French tax authorities refused to accept the amount.

The authorities conducted another probe for the period 2010 to 2012 and asked the company to pay an additional 91 million euros in taxes, the report said.

It said by April 2015, the total amount owed by Reliance to the French authorities in taxes was at least 151 million euros.

In October, six months after Modi announced in Paris about the Rafale deal, the French authorities accepted 7.3 million euros from Reliance as a settlement as against the original demand of 151 million euros.

In the wake of reports that it granted huge tax waiver to Anil Ambani's French firm, France Saturday said a global settlement was reached between the French tax authorities and the Reliance subsidiary and that it was not subject to any political interference.

In the wake of reports that it granted huge tax waiver to Anil Ambani's French firm, France Saturday said a global settlement was reached between the French tax authorities and the Reliance subsidiary and that it was not subject to any political interference. Leading French newspaper Le Monde reported that France waived taxes worth 143.7 million euros to a French-registered telecom subsidiary of Ambani's Reliance Communications in 2015, months after Prime Minister Narendra Modi's announcement of India buying 36 Rafale jets. "A global settlement was reached between the French tax authorities and Reliance Flag, a telecom company, in a tax dispute pertaining to the period 2008-2012," the French embassy said in a statement. It further said, "This settlement was conducted in full adherence with the legislative and regulatory framework governing this common practice of the tax administration," the embassy said. It said the settlement was not subject to any political interference whatsoever. Prime Minister Narendra Modi had announced the procurement of a batch of 36 Rafale jets after talks with the then French President Francois Hollande on April 10, 2015 in Paris. The final deal was sealed on September 23, 2016. The Congress has been alleging massive irregularities in the deal, saying the government was procuring each aircraft at a cost of over Rs 1,670 crore as against Rs 526 crore finalised by the UPA government when it was negotiating the deal. The Congress has also been targeting the government over the selection of Anil Ambani-owned Reliance Defence as an offset partner for Dassault Aviation, the manufacturer of Rafale. The government has rejected the allegations. The French newspaper said the company was investigated by French tax authorities and found liable to pay 60 million euros in taxes for the period 2007 to 2010. However, Reliance offered to pay 7.6 million euros only as a settlement but French tax authorities refused to accept the amount. The authorities conducted another probe for the period 2010 to 2012 and asked the company to pay an additional 91 million euros in taxes, the report said. It said by April 2015, the total amount owed by Reliance to the French authorities in taxes was at least 151 million euros. In October, six months after Modi announced in Paris about the Rafale deal, the French authorities accepted 7.3 million euros from Reliance as a settlement as against the original demand of 151 million euros.

No political interference in tax settlement with Reliance firm: France over Le Monde's Rafale bombshell

The Ministry of Defence on Saturday quashed a report by French media that said that an Anil Ambani-owned company received massive tax cuts in France after Rafale deal. The ministry, in a statement, termed France's Le Monde's report as inaccurate and an attempt to disinform.

"We've seen reports drawing a conjectural connection between tax exemption to a private company and the procurement of Rafale jets by the Government of India. Neither the period of tax concession nor the subject matter of concession relate to Rafale procurement, concluded in present government's tenure," the statement read as reported by news agency Reuters.&nbsp;

"Any connections drawn between the tax issue and the Rafale matter is totally inaccurate, tendentious and is a mischievous attempt to disinform," the statement read further.&nbsp;

The French government also released an official statement on the issue stating, "A global settlement was reached between the French tax authorities and Reliance Flag, a telecom company, in a tax dispute pertaining to the period 2008-2012. This settlement was conducted in full adherence with the legislative and regulatory framework governing this common practice of the tax administration. It was not subject to any political interference whatsoever."

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Ministry of Defence on reports drawing conjectural connection b/w tax exemption to a private company &amp; procurement of Rafale jets by GoI: Any connections drawn between the tax issue and the Rafale matter is totally inaccurate, tendentious and is a mischievous attempt to disinform <a href="https://t.co/Wnq3YfAZuE">https://t.co/Wnq3YfAZuE</a>
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Le Monde’s report stated that French authorities waived off taxes worth 143 million euros, roughly 1, 200 crores, for Anil Ambani's France-based company.

The report said that this happened just a few months after PM Modi announced his plans to buy 36 Rafale fighter jets from French company Dassault.

The company in question here is Reliance Flag Atlantic France, a telecommunications company owned by Indian businessman Anil Ambani.

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French Ambassador in response to the article published by Le Monde today: This settlement was conducted in full adherence with legislative &amp; regulatory framework governing this common practice of the tax administration. It was not subject to any political interference whatsoever. <a href="https://t.co/8ijyZaI8Tb">https://t.co/8ijyZaI8Tb</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1117071789908209665?ref_src=twsrc%5Etfw">April 13, 2019</a></blockquote>
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The report noted that Ambani's company was facing two tax investigations - one for the period between 2007 to 2010 when the firm was found liable to pay 60 million euros and the second from 2010 to 2012 after which the company was asked to pay an additional 91 million euros in taxes.

However, the report said that all of this dissolved six months after the Prime Minister made the Rafale in 2015.

The report also said that after the announcement, French tax authorities reportedly waived off Anil Ambani's tax debt worth 143.7 million euros and accepted 7.3 million euros from Reliance as a settlement.

Meanwhile, as per reports, Anil Ambani-led Reliance Communications on Saturday rubbished the French media report. In a statement, RCom clarified that the tax issue of its subsidiary Reliance FLAG Atlantic France SAS pertained to the year 2008 which was much before the government decided to purchase Rafale jets from French company Dassault.&nbsp;

The statement also added that the issue had been settled as per the local laws.

The Ministry of Defence on Saturday quashed a report by French media that said that an Anil Ambani-owned company received massive tax cuts in France after Rafale deal.

The Ministry of Defence on Saturday quashed a report by French media that said that an Anil Ambani-owned company received massive tax cuts in France after Rafale deal. The ministry, in a statement, termed France's Le Monde's report as inaccurate and an attempt to disinform. "We've seen reports drawing a conjectural connection between tax exemption to a private company and the procurement of Rafale jets by the Government of India. Neither the period of tax concession nor the subject matter of concession relate to Rafale procurement, concluded in present government's tenure," the statement read as reported by news agency Reuters. "Any connections drawn between the tax issue and the Rafale matter is totally inaccurate, tendentious and is a mischievous attempt to disinform," the statement read further. The French government also released an official statement on the issue stating, "A global settlement was reached between the French tax authorities and Reliance Flag, a telecom company, in a tax dispute pertaining to the period 2008-2012. This settlement was conducted in full adherence with the legislative and regulatory framework governing this common practice of the tax administration. It was not subject to any political interference whatsoever." Ministry of Defence on reports drawing conjectural connection b/w tax exemption to a private company & procurement of Rafale jets by GoI: Any connections drawn between the tax issue and the Rafale matter is totally inaccurate, tendentious and is a mischievous attempt to disinform https://t.co/Wnq3YfAZuE — ANI (@ANI) April 13, 2019 × Le Monde’s report stated that French authorities waived off taxes worth 143 million euros, roughly 1, 200 crores, for Anil Ambani's France-based company. The report said that this happened just a few months after PM Modi announced his plans to buy 36 Rafale fighter jets from French company Dassault. The company in question here is Reliance Flag Atlantic France, a telecommunications company owned by Indian businessman Anil Ambani. French Ambassador in response to the article published by Le Monde today: This settlement was conducted in full adherence with legislative & regulatory framework governing this common practice of the tax administration. It was not subject to any political interference whatsoever. https://t.co/8ijyZaI8Tb — ANI (@ANI) April 13, 2019 × The report noted that Ambani's company was facing two tax investigations - one for the period between 2007 to 2010 when the firm was found liable to pay 60 million euros and the second from 2010 to 2012 after which the company was asked to pay an additional 91 million euros in taxes. However, the report said that all of this dissolved six months after the Prime Minister made the Rafale in 2015. The report also said that after the announcement, French tax authorities reportedly waived off Anil Ambani's tax debt worth 143.7 million euros and accepted 7.3 million euros from Reliance as a settlement. Meanwhile, as per reports, Anil Ambani-led Reliance Communications on Saturday rubbished the French media report. In a statement, RCom clarified that the tax issue of its subsidiary Reliance FLAG Atlantic France SAS pertained to the year 2008 which was much before the government decided to purchase Rafale jets from French company Dassault. The statement also added that the issue had been settled as per the local laws.

Inaccurate, tendentious and mischievous attempt to disinform: Defence ministry quashes French report linking Ambani tax cut and Rafale deal

Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother <a href="https://www.wionews.com/india-news/in-heartfelt-message-anil-ambani-thanks-brother-mukesh-for-timely-support-during-trying-times-204209">Mukesh Ambani helped pay off the debt owed to Sweden's Ericsson</a>.

Telecom equipment maker Ericsson received 4.62 billion rupees ($67.42 million) from RCom as unpaid dues from a deal it had signed in 2014, a spokeswoman said on Monday.

India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of 5.5 billion rupees ($80 million) to Ericsson.

The nature of the backing or how it was delivered was unclear, but in a statement, Anil Ambani thanked his billionaire brother "for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support".

RCom called off the sale of its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Mukesh Ambani, citing failure to get approvals from lenders and the government.

The Supreme Court of India last month ordered Anil Ambani and two RCom directors to pay Ericsson 4.5 billion rupees within four weeks or face a three-month jail term for contempt of court.

Shares of RCom rose as much as 10 per cent to 4.4 rupees, in their biggest daily per cent gain since February 26.

Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother Mukesh Ambani helped pay off the debt owed to Sweden's Ericsson.

Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother Mukesh Ambani helped pay off the debt owed to Sweden's Ericsson. Telecom equipment maker Ericsson received 4.62 billion rupees ($67.42 million) from RCom as unpaid dues from a deal it had signed in 2014, a spokeswoman said on Monday. India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of 5.5 billion rupees ($80 million) to Ericsson. The nature of the backing or how it was delivered was unclear, but in a statement, Anil Ambani thanked his billionaire brother "for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support". RCom called off the sale of its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Mukesh Ambani, citing failure to get approvals from lenders and the government. The Supreme Court of India last month ordered Anil Ambani and two RCom directors to pay Ericsson 4.5 billion rupees within four weeks or face a three-month jail term for contempt of court. Shares of RCom rose as much as 10 per cent to 4.4 rupees, in their biggest daily per cent gain since February 26.

Reliance Communications jumps after Mukesh Ambani bails out brother Anil on Ericsson dues

In a "heartfelt" message, industrialist and RCom chief Anil Ambani thanked his elder brother Mukesh Ambani for his "timely support". <a href="https://www.wionews.com/business-economy/reliance-communication-pays-ericsson-rs-550-crore-204153">Anil Ambani's RCom managed to pay back Swedish telecom giant Ericsson on Monday</a>, just a day before a Supreme Court deadline, thereby avoiding a prison term.&nbsp;

In the message, Anil Ambani elaborated on the "importance of staying true" to their family value, something he said was exhibited by his elder brother's support. He added that he is "grateful" that they have "moved beyond the past".

“My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture,” the message read.&nbsp;

The public feud between the Ambani brothers, over control of the Reliance empire, grew after their father's demise in the year 2002. The differences led to a split in the conglomerate.&nbsp;

Country's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears&nbsp;to have offered some kind of support to ensure Anil paid off a Rs 550 crore debt that was owed to Swedish telecom equipment company Ericsson and had been run up by his telecoms group Reliance Communications.&nbsp;

The development may mark a watershed moment in the relationship between the two brothers, who carved their separate businesses in 2005 with Mukesh Ambani getting the oil and petrochemicals business and Anil winning control of power, telecoms and financial services.&nbsp;

The Supreme Court of India had ordered Anil Ambani and two RCom directors to pay Ericsson within four weeks or face a three-month jail term for contempt of court.

The court had found RCom's chairman guilty of contempt of court for failing to pay the Swedish company.

(With inputs from Reuters)&nbsp;

In a "heartfelt" message, industrialist and RCom chief Anil Ambani thanked his elder brother Mukesh Ambani for his "timely support". Anil Ambani's RCom managed to pay back Swedish telecom giant Ericsson on Monday, just a day before a Supreme Court deadline, thereby avoiding a prison term.

In a "heartfelt" message, industrialist and RCom chief Anil Ambani thanked his elder brother Mukesh Ambani for his "timely support". Anil Ambani's RCom managed to pay back Swedish telecom giant Ericsson on Monday, just a day before a Supreme Court deadline, thereby avoiding a prison term. In the message, Anil Ambani elaborated on the "importance of staying true" to their family value, something he said was exhibited by his elder brother's support. He added that he is "grateful" that they have "moved beyond the past". “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture,” the message read. The public feud between the Ambani brothers, over control of the Reliance empire, grew after their father's demise in the year 2002. The differences led to a split in the conglomerate. Country's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered some kind of support to ensure Anil paid off a Rs 550 crore debt that was owed to Swedish telecom equipment company Ericsson and had been run up by his telecoms group Reliance Communications. The development may mark a watershed moment in the relationship between the two brothers, who carved their separate businesses in 2005 with Mukesh Ambani getting the oil and petrochemicals business and Anil winning control of power, telecoms and financial services. The Supreme Court of India had ordered Anil Ambani and two RCom directors to pay Ericsson within four weeks or face a three-month jail term for contempt of court. The court had found RCom's chairman guilty of contempt of court for failing to pay the Swedish company. (With inputs from Reuters)

In heartfelt message, Anil Ambani thanks brother Mukesh for 'timely support during trying times'

The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed on Monday in compliance with the judgment of the Supreme Court, said Reliance Communication (RCom).

Anil Ambani, chairman, RCom, said: “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture.”

The Supreme Court on February 20 had held RCom chairman and two directors guilty of contempt of court while hearing a contempt plea filed by Ericsson India against him over not clearing dues of Rs 550 crore.

A bench comprising Justice Rohinton Fali Nariman and Justice Vineet Sharan had asked Anil Ambani and the two directors to not treat the apex court’s orders with a “cavalier attitude.”

Reacting to the top court's directive, Reliance Communication spokesperson in a press statement, said: “We respect the Supreme Court’s judgment. The RCom group shall comply with same.”&nbsp;

The judicature ordered Ambani, Seth, and Virani to pay Rs 453 crore to Ericsson in a span of four weeks failing which they would face a three-month jail term.

The apex court also imposed a fine of Rs 1 crore each on Ambani, Seth, and Virani. The court had directed them to deposit the amount with the apex court registry within a span of one month. If they fail to furnish the amount, the three will be awarded a month’s jail-term.

It directed that Rs 118 crore already deposited by Reliance Group in the apex court's registry be disbursed to Ericsson.

The bench said the undertakings given the three Reliance-based companies to pay, showed that they had “no intention” to honour it within the 120 days given by the court or the extended time allotted.

The bench held that the undertaking given by them was false to the knowledge of the court and it affected the administration of justice.

Anil Ambani was present in the court when the bench pronounced the order.

Earlier, the top court had asked Ambani to be present before it during the hearing in connection with the contempt case.

Ericsson had contended that RCom is minting huge profits and is wrongfully claiming that it has no money to pay Rs 550 crore to the telecom equipment maker.

Anil Ambani-led RCom had earlier agreed to deposit Rs 118 crore but Ericsson refused to accept. Following which, the top court had asked the RCom chief to deposit the amount in its registry.

On October 23 last year, the top court had asked RCom to clear the dues by December 15, 2018, saying delayed payment would attract the interest of 12 per cent per annum.

In 2014, Ericsson India had signed a seven-year deal to operate and manage RCom’s nationwide telecom network. It had alleged that RCom didn't pay dues of over 1,500 crore. It challenged the debt-ridden firm before the National Company Law Appellate Tribunal (NCLAT).

Ericsson later agreed to settle its debt of over Rs 1,500 crore for a sum of Rs 550 crore.

Following, the NCLAT order the apex court previously had noted that RCom within 120 days will have to settle its dues of Rs 550 crore.

The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed on Monday in compliance with the judgment of the Supreme Court, said Reliance Communication (RCom).

The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed on Monday in compliance with the judgment of the Supreme Court, said Reliance Communication (RCom). Anil Ambani, chairman, RCom, said: “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture.” The Supreme Court on February 20 had held RCom chairman and two directors guilty of contempt of court while hearing a contempt plea filed by Ericsson India against him over not clearing dues of Rs 550 crore. A bench comprising Justice Rohinton Fali Nariman and Justice Vineet Sharan had asked Anil Ambani and the two directors to not treat the apex court’s orders with a “cavalier attitude.” Reacting to the top court's directive, Reliance Communication spokesperson in a press statement, said: “We respect the Supreme Court’s judgment. The RCom group shall comply with same.” The judicature ordered Ambani, Seth, and Virani to pay Rs 453 crore to Ericsson in a span of four weeks failing which they would face a three-month jail term. The apex court also imposed a fine of Rs 1 crore each on Ambani, Seth, and Virani. The court had directed them to deposit the amount with the apex court registry within a span of one month. If they fail to furnish the amount, the three will be awarded a month’s jail-term. It directed that Rs 118 crore already deposited by Reliance Group in the apex court's registry be disbursed to Ericsson. The bench said the undertakings given the three Reliance-based companies to pay, showed that they had “no intention” to honour it within the 120 days given by the court or the extended time allotted. The bench held that the undertaking given by them was false to the knowledge of the court and it affected the administration of justice. Anil Ambani was present in the court when the bench pronounced the order. Earlier, the top court had asked Ambani to be present before it during the hearing in connection with the contempt case. Ericsson had contended that RCom is minting huge profits and is wrongfully claiming that it has no money to pay Rs 550 crore to the telecom equipment maker. Anil Ambani-led RCom had earlier agreed to deposit Rs 118 crore but Ericsson refused to accept. Following which, the top court had asked the RCom chief to deposit the amount in its registry. On October 23 last year, the top court had asked RCom to clear the dues by December 15, 2018, saying delayed payment would attract the interest of 12 per cent per annum. In 2014, Ericsson India had signed a seven-year deal to operate and manage RCom’s nationwide telecom network. It had alleged that RCom didn't pay dues of over 1,500 crore. It challenged the debt-ridden firm before the National Company Law Appellate Tribunal (NCLAT). Ericsson later agreed to settle its debt of over Rs 1,500 crore for a sum of Rs 550 crore. Following, the NCLAT order the apex court previously had noted that RCom within 120 days will have to settle its dues of Rs 550 crore.

Reliance Communications pays Ericsson Rs 550 crore 

Business tycoon Anil Ambani is planning to use a payment from his brother's company and the sale of real estate assets to pay <a href="http://www.wionews.com/india-news/supreme-court-finds-anil-ambani-guilty-of-contempt-threatens-him-with-jail-term-198454">what he owes to Sweden's Ericsson</a> following a court ruling this week, a source familiar with the matter said.

India's Supreme Court on Wednesday ordered Ambani's Reliance Communications Ltd and two of its directors to pay Ericsson 4.5 billion rupees ($63.30 million) within four weeks or face a three-month jail term for contempt of court.

RCom owes a total 5.71 billion rupees to the Swedish telecoms equipment maker, including a one-time settlement of 5.5 billion rupees and interest payments of 210 million rupees.

The company said in a statement on Thursday it has already deposited 1.18 billion rupees with the Supreme Court and has sought approval from its lenders to release tax refunds of a further 2.6 billion rupees to Ericsson.

Since the company is in bankruptcy court for debt resolution, it needs lenders' approval for any such transaction.

"RCom is confident of raising the balance ... well within the time of four weeks allowed by the Honourable Supreme Court," the company said in the statement.

A source, who spoke on the condition of anonymity, said RCom is looking to sell its real estate assets in Chennai and Kolkata to raise the remaining funds.

It is also likely to urge Reliance Jio, controlled by Anil's elder brother and Asia's richest man Mukesh Ambani, to speed up payments owed for fibre assets acquired from RCom, the source added.

RCom said in August that it had struck a deal to sell Jio its optical fibre and ancillary telecom assets for 50 billion rupees.

"We have received only 780 crore (7.8 billion) rupees from Jio. We can ask Jio to pay up sooner," the source said.

The court order comes at a time when Anil Ambani's Reliance Group, a diversified business empire, is facing falling valuations of group companies and a loss of goodwill, sparking heavy selling of pledged shares.

Reliance said earlier this week that the company plans to sell part of its power assets. On Thursday it said it would also sell its 42 percent stake in Reliance Nippon Life Insurance to pay its debtors.

Business tycoon Anil Ambani is planning to use a payment from his brother's company and the sale of real estate assets to pay what he owes to Sweden's Ericsson following a court ruling this week, a source familiar with the matter said.

Business tycoon Anil Ambani is planning to use a payment from his brother's company and the sale of real estate assets to pay what he owes to Sweden's Ericsson following a court ruling this week, a source familiar with the matter said. India's Supreme Court on Wednesday ordered Ambani's Reliance Communications Ltd and two of its directors to pay Ericsson 4.5 billion rupees ($63.30 million) within four weeks or face a three-month jail term for contempt of court. RCom owes a total 5.71 billion rupees to the Swedish telecoms equipment maker, including a one-time settlement of 5.5 billion rupees and interest payments of 210 million rupees. The company said in a statement on Thursday it has already deposited 1.18 billion rupees with the Supreme Court and has sought approval from its lenders to release tax refunds of a further 2.6 billion rupees to Ericsson. Since the company is in bankruptcy court for debt resolution, it needs lenders' approval for any such transaction. "RCom is confident of raising the balance ... well within the time of four weeks allowed by the Honourable Supreme Court," the company said in the statement. A source, who spoke on the condition of anonymity, said RCom is looking to sell its real estate assets in Chennai and Kolkata to raise the remaining funds. It is also likely to urge Reliance Jio, controlled by Anil's elder brother and Asia's richest man Mukesh Ambani, to speed up payments owed for fibre assets acquired from RCom, the source added. RCom said in August that it had struck a deal to sell Jio its optical fibre and ancillary telecom assets for 50 billion rupees. "We have received only 780 crore (7.8 billion) rupees from Jio. We can ask Jio to pay up sooner," the source said. The court order comes at a time when Anil Ambani's Reliance Group, a diversified business empire, is facing falling valuations of group companies and a loss of goodwill, sparking heavy selling of pledged shares. Reliance said earlier this week that the company plans to sell part of its power assets. On Thursday it said it would also sell its 42 percent stake in Reliance Nippon Life Insurance to pay its debtors.

Anil Ambani's RCom looks to real estate assets, Jio deal to pay Ericsson dues

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