Reliance Infrastructure says CBI's action on Reliance Communications won't impact operations

New Delhi [India], August 24 : Reliance Infrastructure Limited on Sunday said that the recent action by the Central Bureau of Investigation (CBI) on Reliance Communications Limited and on Anil D Ambani has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure.

In an exchange filing at the National Stock Exchange (NSE), the company said, "Reliance Infrastructure Limited wish to clarify on the Media Reports that the recent action by Central Bureau of Investigation on Reliance Communications Limited and on Anil D Ambani has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Infrastructure."

In the filing, the company clarified that disclosures and records available in the public domain indicate that the complaint filed by the State Bank of India (SBI) pertains to matters dating back more than a decade. At that time, Ambani served merely as a Non-Executive Director at Reliance Communications, without any role in its day-to-day management. He resigned from the company's Board in 2019, over six years ago, the filing said.

"At the relevant time, Ambani was an ordinary Non-Executive Director of Reliance Communications, with no involvement in the day-to-day management. Ambani resigned from the Board of Reliance Communications six years ago, in 2019," the company said in the filing.

It added that at present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Supreme Court, for the past six years, the company added.

The filing added that Reliance Infrastructure is a separate and independent listed entity with no business or financial linkage to Reliance Communications. Further, Anil D Ambani is not on the Board of Reliance Infrastructure Limited for more than three-and-a-half years.

"Accordingly, any action in relation to Reliance Communications has no bearing or impact on the governance, management, or operations of Reliance Infrastructure. Reliance Infrastructure continue to focus on its business plans and remains committed to creating value for all stakeholders," the filing stated.

On August 24, a spokesperson on behalf of Anil Ambani said that the complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years and the bank's declaration has been challenged before the competent judicial forum.

Anil Ambani strongly denies all allegations and charges, and will duly defend himself, the spokesperson said, noting that SBI has already withdrawn proceedings against five other Non-Executive Directors and "Ambani has been selectively singled out".

Investigation agency, CBI earlier in a press note, said that it has registered a criminal case on basis of a complaint received from State Bank of India, Mumbai, against Reliance Communication Ltd. (RCOM), Mumbai, its Director Anil D Ambani, unknown public servants and unknown others on the allegations of defrauding the bank, and thereby causing wrongful loss of Rs 2929.05 crore to the Bank. The case was registered on August 21, the press note stated.

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