Law enforcement agencies’ actions have no impact on business operations, financial performance: Reliance Power
Reliance Power said Thursday that the recent law enforcement agency actions reported by the media have “absolutely no impact” on its business operations, financial performance, shareholders, employees or any other stakeholder’s business. Reliance Power said the media report “seems to be related to allegations regarding transactions with Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) (more than 10 years old).
“Clarify that Reliance Power is a separate and independent entity with no business or financial connections to RCOM or RHFL,” Reliance Power said.
Reliance Power is part of the Reliance Group led by top businessman Anil Ambani.
Media reports said the Enforcement Bureau had conducted a raid as part of a money laundering investigation related to alleged bank loan fraud against Anil Ambani Group and Yes Bank.
Reliance Power notes that under the Bankruptcy and Bankruptcy Act, RCOM is conducting a company bankruptcy settlement process under the Bankruptcy Act of 2016 for six years.
Reliance Power said Reliance Home Finance was “fully resolved according to the Supreme Court of India”, adding: “Similar to the allegations set out in the media report, the same information available to the public.
“Anil d Ambani is not in the Reliance Power Committee. Therefore, no action taken to RCOM or RHFL has an impact or impact on the governance, management or operations of Reliance Power,” the company said.
It also said it continues to focus on its business plans and remains committed to creating value for all stakeholders.
