Reliance Group, led by Anil Ambani, distances itself from ED’s asset attachments in RCOM case

MUMBAI: The Reliance Group has clarified that the Enforcement Directorate’s (ED) attachment of assets worth Rs 1,400 crore pertains to Reliance Communications (RCOM), a company no longer part of the group since 2019.

RCOM is undergoing the Corporate Insolvency Resolution Process (CIRP) under the supervision of the National Company Law Tribunal (NCLT) and the Supreme Court, and is managed by a Resolution Professional appointed by lenders led by State Bank of India.

The spokesperson emphasised that Anil Ambani has had no involvement with RCOM since resigning in 2019. The statement also clarified that the attachment order does not affect Reliance Infrastructure or Reliance Power, both of which continue to operate normally.

According to a statement from the Reliance Group Spokesperson, “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.”

As per the statement, a Resolution Professional currently manages the RCOM under the supervision of the NCLT or Committee of Creditors (CoC), led by the State Bank of India (SBI) and Anil Ambani is not involved with Reliance Communications and resigned six years ago in 2019.

The statement reads, “Reliance Communications is presently managed by a Resolution Professional under the supervision of the NCLT / Committee of Creditors (CoC), led by the State Bank of India (SBI) and a consortium of banks/lenders. Mr. Anil D. Ambani is in no way involved with Reliance Communications and resigned six years ago in 2019.”

“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,” it added.

This came after the Enforcement Directorate (ED) provisionally attached multiple buildings in Dhirubhai Ambani Knowledge City (DAKC) and Millenium Business Park, Navi Mumbai, as well as plots of land and buildings in Pune, Chennai, and Bhubaneswar, cumulatively worth Rs. 1452.51 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The agency has said in a statement, “It may be recalled that ED had earlier attached properties worth over Rs. 7,545 Crore in the bank fraud cases of Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd.” (ANI)