‘Absolutely no impact on business ops’: Reliance Power responds to ED raids on Anil Ambani’s group

Relination Power said on Thursday that the latter enforcement procedures by the Enforce Directorate (ED) does not affect its operations, money or stakeholders. This statement comes after multiple media reports confirmed that ED conducted searches in more than 35 buildings and 50 companies linked to the ReliaCE An ambani group regarding the achievement of money laundering linked to the issue of fraud in bank loans yes.

“These procedures have no impact on commercial operations, financial performance, shareholders, employees, or any other interest owners from the Rellence Power,” the company said. He has made clear that the Rellence Power is a separate and independently included entity with no commercial or financial links either to the Rellence Communications Ltd (RCOM) or Relination Home finance Ltd (RHFL), according to what was stated in the investigation center.

On Wednesday, ED conducted searches under Article 17 of the law of Money Laundering (PMLA) as part of the increasing investigation into the alleged violations that involve loans that were punished by the yes bank between 2017 and 2019. According to the group group, preliminary investigations revealed.

Investigators have also found evidence indicating a possible bribery for yes bank officials, including meadows. The agency referred to serious violations in the process of approving the bank loan, including the use of rear -dated credit documents, lack of due care, and association with companies that have weak financial data and interrelated directorate. In many cases, it was claimed that loan banks occurred in or even before the official approval dates. ED was also cited in evergreen cases, a practice in which new loans are issued to pay out old to avoid the failure to pay.

The Enfact Agency said that more than 50 companies and 25 individuals are under the scanner. The Securities and Stock Exchange Council in India (SEBI) presented its own results on the RHFL, which raised concerns about doubling the corporate loan book within a year and highlighting potential violations and procedural violations.

The accreditation force, however, distanced itself from these developments. She said that RCOM was under the task settlement of companies for more than six years under the insolvency and bankruptcy law, 2016. At the same time, RHFL issues were fully resolved after the Supreme Court ruling.

The company said: “The allegations similar to those stipulated in the media reports are bias without wisdom before the Hon’ble Securities Court, according to the information available to the public. Moreover, Mr. Anil D. Ambani is not in the Rellence Power Board.” “Accordingly, any action taken against RCOC or RHFL has no effect or effect on governance, management, or Relination Power operations.”

The company also stated that it is still focusing on implementing its business strategy and commitment to create a long -term value for stakeholders.