CBI's Action on Reliance Communications has No Impact on Reliance Power Limited

Reliance Power Limited wish to clarify on the Media Reports that the recent action by Central Bureau of Investigation on Reliance Communications Limited and on Mr. Anil D Ambani has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Power.

Disclosures and records available in public domain indicate that the complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years. At the relevant time, Mr. Ambani was an ordinary Non-Executive Director of Reliance Communications, with no involvement in the day-to-day management. Mr. Ambani resigned from the Board of the Reliance Communications six years ago, in 2019.

At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon'ble Supreme Court, for the past six years.

Reliance Power is a separate and independent listed entity with no business or financial linkage to Reliance Communications.

Further, Mr. Anil D. Ambani is not on the Board of Reliance Power Limited for more than 3.5 years. Accordingly, any action in relation to Reliance Communications has no bearing or impact on the governance, management, or operations of Reliance Power.

Reliance Power continue to focus on its business plans and remain committed to creating value for all stakeholders.

Shares of Reliance Power Limited was last trading in BSE at Rs. 48.93 as compared to the previous close of Rs. 50.08. The total number of shares traded during the day was 1953601 in over 8548 trades.

The stock hit an intraday high of Rs. 50.90 and intraday low of 48.21. The net turnover during the day was Rs. 96421807.00.

Source : Equity Bulls

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