CBI chargesheet against Anil Ambani has no impact on operations: Reliance Power

Reliance Power Ltd on Friday said the recent chargesheet filed by the Central Bureau of Investigation (CBI) against Anil Ambani and others in connection with alleged fraudulent transactions involving Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) will have no bearing on its operations, financial performance or governance.

In a regulatory filing, Reliance Power clarified that it is a separate and independent listed entity and the central agency’s action does not impact its shareholders, employees or other stakeholders.

“The matter concerns RCFL and RHFL and the alleged transactions are over 10 years old. Both RCFL and RHFL have been fully resolved with a change in management pursuant to the judgment of the Hon’ble Supreme Court of India in 2022 and 2023 respectively, through separate independent lender-driven processes led by Bank of Baroda,” the company said.

The company noted that Ambani has never been on the boards of RCFL or RHFL since their inception, and has not served on the board of Reliance Power for more than three-and-a-half years.

The clarification comes a day after the CBI filed a chargesheet before a special court in Mumbai against Ambani, former Yes Bank CEO Rana Kapoor, his family members, RCFL, RHFL and several associated entities.

The agency alleged that a conspiracy between Rana Kapoor and Anil Ambani led to fraudulent transactions that caused a loss of ₹2,796 crore to Yes Bank.

According to the CBI, Kapoor abused his position to channel Yes Bank funds into financially stressed Anil Dhirubhai Ambani Group companies, while ADA Group entities extended concessional loans and investments to firms controlled by Kapoor’s family.

As quid pro quo, Ambani got credit facilities sanctioned from RCFL and RHFL at concessional rates for loss-making family entities of Kapoor -- companies owned by his wife Bindu Kapoor and daughters Radha Kapoor and Roshni Kapoor.

"This fraudulent arrangement resulted in massive wrongful loss to Yes Bank (amounting to Rs 2,796.77 crore) and corresponding unlawful gain to RCFL, RHFL and other companies of ADA Group as well as companies owned by family members of Rana Kapoor," the CBI spokesperson said.

Reliance Power said its business plans remain on track and reiterated its commitment to “creating value for all stakeholders.”