Reliance Power clarifies that recent CBI actions concerning Reliance Commercial Finance (RCFL) and Reliance Home Finance (RHFL) have no impact on its operations or financial stability. RCFL and RHFL matters are resolved following a Supreme Court judgment with management changes. Anil D. Ambani has never been on the boards of RCFL or RHFL, nor is he currently on Reliance Power’s board. Reliance Power operates as a separate, independent listed entity.
Response to Media Reports
Reliance Power Limited has addressed media reports regarding the Central Bureau of Investigation (CBI) actions concerning Reliance Commercial Finance (RCFL) and Reliance Home Finance (RHFL). The company emphasizes that these actions do not affect Reliance Power’s business operations, financial performance, shareholders, employees, or other stakeholders.
Details on RCFL and RHFL
The matters concerning RCFL and RHFL pertain to transactions that occurred over 10 years ago. These issues have been fully resolved through a change in management, following judgments by the Supreme Court of India in 2022 and 2023. The resolution was achieved through independent, lender-driven processes led by Bank of Baroda, adhering to RBI regulations.
Anil D. Ambani’s Role
It is confirmed that Anil D. Ambani has never been a member of the Boards of Directors for either RCFL or RHFL. Furthermore, he is currently not on the Board of Reliance Power Limited, and hasn’t been for more than 3.5 years.
Reliance Power’s Position
Reliance Power operates as a separate and independently listed entity. The aforementioned actions related to RCFL and RHFL do not impact the company’s day-to-day management, governance, or financial stability. The company remains focused on its business plans and is committed to creating value for its stakeholders.
Source: BSE
