Reliance Power Says Bank of Baroda’s ‘Fraud’ Tag on Anil Ambani, RCom has No Impact

Reliance Power Ltd. on Friday said the recent classification by Bank of Baroda of Reliance Communications Ltd. and Anil Ambani’s loan accounts as “fraud” will not affect its operations, financial performance, or stakeholders.

In a filing with stock exchanges, the company clarified that the Bank of Baroda action relates to matters that are around a decade old, and has no connection with its own business. It also pointed out that Anil Ambani stepped down from the Reliance Power board more than three-and-a-half years ago.

Reliance Power stressed that it is an independent listed entity with no financial or business links to Reliance Communications. “The company continues to focus on its business plans and is committed to creating value for all stakeholders,” it said.

The company also noted that Reliance Communications is under the management of a committee of creditors led by State Bank of India, with oversight from a resolution professional. The insolvency process has been pending before the National Company Law Tribunal and other judicial forums, including the Supreme Court, for the past six years, it added.