CBI Charge Sheet: R-Power & R-Infra States "Independent" Of Anil Ambani

After announcement of a charge-sheet by the Central Bureau of Investigaton (CBI) on Anil Ambani's group firms - namely Reliance Commercial Finance (RCFL) and Reliance Home Finance (RHFL), two firms have announced that these old cases which have been resolved.

News emerged on Thursday about CBI chargesheets on Anil Dhirubhai Ambani, Yes Bank's co-founder Rana Kapoor and the latter's family - Bindu (wife), Radha Kapoor and Roshni (daughters), in fraudulent transactions to the tune of ₹ 2,797 crores. The case pertains to investment of ₹ 2,045 crores by Yes Bank under Rana Kapoor in RCFL and RHFL. The CBI chargesheet alleged a conspiracy of fund diversion from RCFL and RHFL via several layers. Such practices, the CBI, has alleged had caused financial loss to Yes Bank.

A day later, two companies - Reliance Power and Reliance Infrastructure announced identical looking press releases authored by the same team stating three clear things. The press release states,

1. There has been no impact to Reliance Power or Reliance Infrastructure from the CBI actions.

2. The companies stated that CBI chargesheets were on transactions that were ten years old. It has also been stated that RCFL and RHFL cases were resolved by the Supreme Court and an independent lender-driven process led by Bank of Baroda.

3. The companies also stated that Anil Ambani was never on the board of either RCFL or RHFL "since inception". They also stated Anil Ambani has not been on the board of either Reliance Power or Reliance Infrastructure for the past 3.5 years.

Both enterprises- Reliance Power and Reliance Infrastructure state that they were separate and independent listed entities and that such actions had no bearing on company's day-to-day management, governance, or financial stability.

On Friday, stocks of Reliance Power traded upwards at ₹ 47.86 per share while stocks of Reliance Infrastructure traded 2.75 percent down to quote ₹ 260 per share.