Reliance Infrastructure and Reliance Power clarified that the Central Bureau of Investigation’s (CBI) chargesheets against Reliance Commercial Finance (RCFL), Reliance Home Finance (RHFL), and group chairman Anil Ambani will not affect their business operations. In separate BSE filings, the companies said, “There is no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure [and Reliance Power] due to the recent action by CBI on RCFL, RHFL and Anil Ambani.”
Reliance Infra and Reliance Power claimed that the transactions cited by the CBI are over 10 years old and that both RCFL and RHFL have been fully resolved with a change in management pursuant to Supreme Court judgments in 2022 and 2023, through separate lender-driven processes led by Bank of Baroda under an inter-creditor arrangement in line with RBI regulations.Notably, on Thursday, the CBI filed chargesheets alleging fraudulent transactions between Anil Ambani’s group companies (RCFL and RHFL), Yes Bank, and companies linked to the family of former Yes Bank chief Rana Kapoor. The agency alleged the transactions caused a loss of Rs 2,796 crore to the bank.
In the chargesheet, CBI mentioned that Yes Bank invested around Rs 5,000 crore in debt securities of RCFL and RHFL in 2017 despite concerns flagged by rating agencies. In return, the Ambani group allegedly extended credit facilities at concessional rates to loss-making entities owned by Rana Kapoor’s family. Reliance Infrastructure in its statement said Anil Ambani, from the inception of both the companies, RCFL and RHFL, has never been on the Boards of either of the Companies as per public records. “Also, he is not on the Board of Reliance Infrastructure Limited for over 3.5 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,” it said.