reliance-infra-distances-itself-from-cbi-case-on-rcom-ambani

Reliance Infrastructure on Sunday moved to assure investors and stakeholders that the Central Bureau of Investigation’s (CBI) recent action against Reliance Communications and Anil D Ambani has no connection to its own business, governance, or financial performance.

 

In a clarification filed with the National Stock Exchange, the company underlined that Reliance Infrastructure is a “separate and independent listed entity with no business or financial linkage to Reliance Communications.” It further stated that Anil D Ambani has not been on its board for over three-and-a-half years.

 

The filing emphasised that the complaint lodged by the State Bank of India (SBI) against Reliance Communications dates back more than a decade, when Ambani served as a non-executive director without any role in the day-to-day management. “Ambani resigned from the Board of Reliance Communications six years ago, in 2019,” the statement read.

 

It added that Reliance Communications is currently under the management of a Committee of Creditors led by SBI, and overseen by a Resolution Professional, with the matter pending before the National Company Law Tribunal and the Supreme Court for the past six years.

Also read: Now, Bank of India flags RCom, Anil Ambani as fraud

 

“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 company said.

 

A spokesperson for Anil Ambani also rejected the charges, stressing that the SBI complaint “pertains to matters dating back more than 10 years” and has already been challenged in a competent judicial forum. “Ambani strongly denies all allegations and charges, and will duly defend himself,” the spokesperson said, adding that SBI had withdrawn proceedings against five other non-executive directors and that “Ambani has been selectively singled out.”

 

Earlier this week, the CBI confirmed it had registered a criminal case against Reliance Communications, Anil Ambani, unknown public servants, and others, alleging fraud to the tune of ₹2,929.05 crore. The case was filed on August 21 on the basis of SBI’s complaint.