Reliance Power and Reliance Infra has clarified that the recent Central Bureau of Investigation (CBI) action against Reliance Commercial Finance (RCFL), Reliance Home Finance (RHFL) will not have any bearing on its operations, financial performance or governance.
In a statement, Reliance Power said that the company is a separate listed entity and its business remains unaffected. “There is no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Power,” the company stated.
Reliance Infra reiterated that, “RCFL and RHFL have been fully resolved, pursuant to the judgment of the Supreme Court of India, with a change in management. Anil D. Ambani, from the inception of both the companies, RCFL and RHFL, has never been on the Boards of either as per public records.”
The statement also emphasised that Anil Ambani has not been on the “Board of Reliance Infrastructure for the past more than 3.5 years,” now.
CBI files chargesheets in Rs 2,796 crore fraud case
On Thursday, Sept 18,the CBI had filed two cases (registered in 2022) against former Yes Bank CEO Rana Kapoor, Anil Ambani’s Reliance group companies — Reliance Commercial Finance and Reliance Home Finance — based on a complaint by Yes Bank’s chief vigilance officer.
The charges allege a Rs 2,796 crore corruption/fraud scheme, involving illicit transactions between Yes Bank and ADA Group companies under Kapoor’s leadership.
RCFL and RHFL already resolved
Both Reliance Power and Reliance Infra pointed out that the CBI matter concerns RCFL and RHFL, and relates to alleged transactions that are more than 10 years old. The press release by Rpower and RInfra also highlighted that both entities (RCFL and RHFL), it said, were fully resolved through lender-driven processes under the supervision of Bank of Baroda and in line with RBI regulations.
The resolutions were carried out after separate judgments by the Supreme Court of India in 2022 and 2023, which also saw a change in management of both RCFL and RHFL.
No role of Anil Ambani
Reliance Power and Reliance Infra also underlined that Anil Ambani was never on the board of RCFL or RHFL, as per public records. It added that Ambani has not been a part of the Reliance Power board for more than three-and-a-half years.
“Reliance Infrastructure is a separate and independent listed entity and these actions have no bearing on the company’s day-to-day management, governance or financial stability,” the statement said.
Day-to-day operations unaffected
Both the company stressed that these developments have no impact on their day-to-day management, governance or financial stability.