By Admin 
Anil ambani: The shares of Reliance Power and Reliance Infra declined by 5 percent on Thursday. The shares of both these companies got a lower circuit. In fact, today the Enforcement Directorate (ED) raided more than 35 locations associated with Anil Ambani’s Reliance Group.
This action was taken in connection with the investigation of the money laundering case related to Yes Bank Loan Scam. According to media reports, in 2017-2019, 3000 crore rupees received as a loan from Yes Bank were diverted in Shell companies and other companies of the group. The investigation has also revealed bribe to Yes Bank officials, including the promoters of the bank.
ED raids have an impact on company shares
After this news, Reliance Power’s share on BSE fell 5 percent or Rs 3.14 to Rs 59.70. At the same time, with a decline of 4.99 percent, the share of Reliance Infrastructure also reached a lower circuit of Rs 360.05. ED’s unit in Delhi is investigating the case.
ED sources say that the team is investigating allegations of illegal diversion of loan of Rs 3000 crore given by Yes Bank. However, meanwhile, both Reliance Infrastructure and Reliance Power claimed that the action would not have any effect on the company’s financial performance, business operations, shareholders, employees.
Reliance power cleaning on ED action
The company informed in the filing that in media reports, perhaps allegations of transactions related to Reliance Communications Limited (RCom) or Reliance Home Finance Limited (RHFL) are being talked about, which are more than 10 years old. The company said that Reliance Power is a separate and independently listed company, which has no commercial or financial to take from RCom or RHFL. RCom has been undergoing insolvency and debt treatment process for the last 6 years. The case related to RHFL has been completely resolved after the Supreme Court’s decision. Some other such allegations are still under consideration in the Securities Appellate Tribunal.
The filing said that Anil D. Ambani is not in the board of Reliance Power, so any action against RCom or RHFL will not affect the management or operation of Reliance Power. Reliance Power will continue to focus on its business plan and will be committed to create value for all stakeholders.
According to a SEBI report, Reliance Home Finance Limited (RHFL) corporate loan portfolio increased from 3,742 crore in FY 2017-18 to Rs 8,670 crore in 2018-19. Apart from this, SBI also declared a complaint in the CBI on 10 November 2020 by declaring RCom and Anil Ambani as ‘fraud’.
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