‘Anil Ambani is in no way involved with Reliance Comm’: Reliance Group Distances From ED Case, Shares In Red

Shares of the Anil Ambani-led Reliance Group companies, including Reliance Power and Reliance Infrastructure, remained under pressure during Friday's intraday trade. The development came after the group distanced itself from Reliance Communications related bank frauds.

Reliance Power shares were trading 0.48% lower at Rs 39.13 per share, and Reliance Infrastructure shares were trading 0.53% lower at Rs 168 per share on BSE at 9:47 am. Reliance Group, on Thursday, had clarified that they are not linked to assets attached to RCom, in ED investigation case.

Anil Ambani's Reliance Group Distances Itself From ED Asst Case

The ED, on Thursday, announced that it attached assets worth Rs 1,400 crore pertains to Reliance Communications (RCOM). The Reliance Group clarified that RCOM assets attached in the ED case and the company itself is not associated with the group since 2019.

Reliance Group Distances Itself From RCom ED Case

Reliance Group on Thursday clarified that the group and its Managing Director Anil Ambani are in "no way involved with Reliance Communications". Ambani had resigned from RCom six years ago in 2019. Additionally, he has not served on the board of directors of either Reliance Infrastructure and Reliance Power for over three and a half years.

The ED attachment order has no material impact on the operations, performance, or future prospects of Reliance Infrastructure and Reliance Power, stated the group in its press release on Thursday and both firms continue to operate as usual.

Reliance Communications Insolvency Process

RCOM is undergoing the Corporate Insolvency Resolution Process (CIRP) under the supervision of the National Company Law Tribunal (NCLT) and the Supreme Court, and is managed by a Resolution Professional appointed by lenders led by State Bank of India.

The spokesperson emphasised that Anil Ambani has had no involvement with RCOM since resigning in 2019. The statement also clarified that the attachment order does not affect Reliance Infrastructure or Reliance Power, both of which continue to operate normally.

According to a statement from the Reliance Group Spokesperson, "Reliance Group would like to clarify that as per ED's own Media Release, the attached assets belong to Reliance Communications (RCOM), which has not been a part of the Reliance Group since 2019 - i.e. for the last six years. The company has been undergoing the Corporate Insolvency Resolution Process (CIRP) for over six years. All matters relating to its resolution are currently sub judice before the Hon'ble National Company Law Tribunal (NCLT), and the Hon'ble Supreme Court of India."