Reliance Power and Reliance Infrastructure, companies under the Anil Ambani Group (ADAG) have issued clarification on the arrests made by the Enforcement Directorate (ED) late last evening. The Anil Ambani Group (ADAG) companies have issued a statement highlighting that the two former executives – Amitabh Jhunjhunwala and Amit Bapna – arrested by the ED, have had no association with the Group since 2019.
Amitabh Jhunjhunwala, Amit Bapna arrested by Enforcement Directorate
The ED produced them before a court and sought their custody under the Prevention of Money Laundering Act (PMLA) for detailed interrogation. The probe pertains to an alleged bank loan fraud carried out through Anil Ambani group companies such as Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL), allegedly using shell or dummy companies.
Jhunjhunwala exited seven years ago: RPower, RInfra
In its regulatory filing, Reliance Power (RPower) and Reliance Infrastructure (RInfra) said, “The Reliance Group clarifies that Amitabh Jhunjhunwala left the Group in September 2019 (nearly seven years ago). He has had no association with the Group thereafter, including with Reliance Infrastructure and Reliance Power.”
Amitabh Jhunjhunwala had served the Anil Ambani Group as the Group Managing Director of the Reliance Group, as well as Vice Chairman and Director of Reliance Capital till September 19.
No association post-2019: Reliance firms on Amit Bapna’s role
Amit Bapna had served the group as the Chief Financial Officer of Reliance Capital, as well as Director of Reliance Home Finance till December, 2019.
“Amit Bapna left Reliance Group in December 2019, (nearly seven years ago). He had no association with the Group thereafter, including Reliance Infrastructure and Reliance Power.” Reliance Power and Reliance Infra said in the statement.
SC to hear Anil Ambani plea today
According to a report by PTI, the Supreme Court (SC) was scheduled to hear the pleas filed by Anil Ambani against various banks, including Bank of Baroda, IDBI Bank, and Indian Overseas Bank, today.
Anil Ambani group share performance
Anil Ambani Group stocks are showing mixed trend in today’s trade. While Reliance Power is trading flat in the intraday session, Reliance Infrastructure is facing pressure, declining 2.1% in the early trade.