Reliance Group says its firm cooperating with authorities

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Amid a major crackdown on an alleged "corporate espionage" syndicate, business conglomerate Reliance Group today said it is "committed to propriety in all its business dealings" and group firm Reliance Power is fully cooperating with the authorities. In separate regulatory filings with stock exchanges, all listed companies of Anil Ambani-led Group also said "no search or raid has been conducted by police authorities at any office of the Reliance Group anywhere in India".

Reliance Group says its firm cooperating with authorities
The filings made by Reliance Capital, Reliance Infrastructure, Reliance Communications and Reliance Power stated that the Group clarifies its position in the "interest of millions of its investors", following "misleading reports in a section of the media"

"The work station of only one specific Reliance Power employee was searched, and no incriminating material of any kind was found. We are not aware of the circumstances leading to the arrest of that employee, and Reliance Power is fully cooperating with the authorities.

"We are committed to propriety in all our business dealings, and do not support unlawful activities of any nature." The Reliance Group employee is among those who have been arrested by Delhi Police in connection with an "corporate espionage" syndicate that was allegedly found to be stealing "secret" official documents from Petroleum and other ministries for sale to corporates and lobbyists.

Meanwhile, Reliance Power shares were trading 1.66 per cent down at Rs 62.30 per scrip, while those of Reliance Capital fell 0.69 per cent to Rs 454.30 apiece during early trade on the BSE. Besides, Reliance Infrastructure shares fell 1.05 per cent at Rs 461.20 per scrip, while those of Reliance Communications declined 1.11 per cent to Rs 71.20 apiece in early trade.

PTI

Read more about: reliance
Story first published: Monday, February 23, 2015, 10:00 [IST]
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