Mumbai (Maharashtra) [India], November 20 (ANI): The Reliance Group on Thursday clarified that the Enforcement Directorate’s (ED) attachment of assets worth ₹1,400 crore pertains to Reliance Communications (RCOM), a company no longer part of the group since 2019. RCOM is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the supervision of the National Company Law Tribunal (NCLT) and the Supreme Court, managed by a Resolution Professional appointed by lenders led by the State Bank of India.
A spokesperson for the group emphasised that Anil Ambani has had no involvement with RCOM since his resignation in 2019. The statement also clarified that the attachment order does not impact Reliance Infrastructure or Reliance Power, both of which continue to operate normally.
The spokesperson stated, “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.”
According to the statement, RCOM is managed by a Resolution Professional under the supervision of the NCLT and the Committee of Creditors (CoC), led by SBI and a consortium of banks and lenders. “Mr. Anil D. Ambani is in no way involved with Reliance Communications and resigned six years ago in 2019,” the statement read.
It added, “The attachment order has no material impact on the operations, performance, or future prospects of Reliance Infrastructure and Reliance Power. Both companies continue to operate as usual, maintaining their focus on growth, operational excellence, and their commitment to all stakeholders, especially the over 50 lakh strong shareholder family. Mr. Anil D. Ambani has also not served on the Board of Directors of either Reliance Infrastructure or Reliance Power for over three and a half years.”
The clarification follows the ED’s provisional attachment of multiple buildings in Dhirubhai Ambani Knowledge City (DAKC) and Millennium Business Park, Navi Mumbai, along with plots of land and buildings in Pune, Chennai, and Bhubaneswar, cumulatively worth ₹1,452.51 crore under the Prevention of Money Laundering Act (PMLA), 2002. The agency noted that it had previously attached properties worth over ₹7,545 crore in bank fraud cases involving Reliance Communications Ltd., Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd. (ANI)
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