No impact on business after CBI action on RCFL, RHFL: RPower

New Delhi: Reliance Power and Reliance Infrastructure on Friday said that action taken by CBI against RCFL and RHFL has no impact on their business operations and financial performance.

The CBI filed a chargesheet on Thursday against Anil Ambani and others over alleged fraudulent transactions between the industrialist’s group companies, Reliance Commercial Finance (RCFL) and Reliance Home Finance (RHFL), Yes Bank and firms of the bank’s former CEO Rana Kapoor’s family, causing a loss of Rs 2,796 crore to the bank, officials said.

In its chargesheet filed before a special court in Mumbai, the federal agency has said Ambani is the chairman of the Anil Dhirubhai Ambani (ADA) Group and director of Reliance Capital Limited, the holding company of RCFL and RHFL.

In separate exchange filings, Reliance Power (RPower) and Reliance Infrastructure (RInfra) said there has been no impact on their business operations, financial performance, shareholders, employees, or any other stakeholders.

Issues related to RCFL and RHFL have been fully resolved with a change in management pursuant to the judgment of the Supreme Court in 2022 and 2023, respectively, through separate independent lender-driven processes led by Bank of Baroda under an Inter-creditor arrangement as per RBI regulations. Further, Anil D Ambani, from the inception of both the companies, RCFL and RHFL, has never been on the boards of either of the companies as per public records.

He has also not been on the Boards of RInfra and RPower for more than 3.5 years.

Both the players said they are separate and independent listed entities, and these actions have no bearing on their day-to-day management, governance or financial stability.