Key Points

Both companies issued formal statements to the stock exchanges, stating that they fully cooperated with the ED and will continue to do so.

The ED had carried out searches on July 24 across more than 35 locations in Mumbai and Delhi as part of its ongoing investigation under the Prevention of Money Laundering Act (PMLA).

Reports suggest the probe is related to an alleged Rs 3,000 crore bank loan fraud involving the Anil Ambani-owned Reliance Group and Yes Bank.

In their statements, Reliance Power and Reliance Infrastructure clarified that these ED actions have had no impact on their business operations, financial performance, or stakeholders.

They also emphasised that both companies are independent and do not have any business or financial connections with Reliance Communications (RCOM) or Reliance Home Finance Limited (RHFL).

The companies further stated that Anil Dhirubhai Ambani is not currently a board member of either Reliance Power or Reliance Infrastructure.

“As a result, he does not hold any governance or operational control in these entities,” the company said in its regulatory filing.

Additionally, the companies highlighted that the matters under investigation appear to concern past transactions involving RCOM or RHFL, which date back over a decade.

They noted that RCOM is undergoing insolvency proceedings, while RHFL has already been resolved following a Supreme Court ruling.

Despite recent media reports and the ED’s action, both Reliance Power and Reliance Infra assured investors and stakeholders that they continue to operate as usual and remain committed to delivering on their business plans.

On the stock market, however, both companies saw a drop in their share prices on Friday, with Reliance Power closing nearly 5 per cent lower at Rs 56.72 and Reliance Infra falling 5 per cent to Rs 342.05.

- IANS