Clarification on CBI investigations and their impact on Reliance Power's operations and stakeholders.
Reliance Power Limited has issued a press release addressing recent Central Bureau of Investigation (CBI) actions concerning its affiliates, Reliance Commercial Finance (RCFL) and Reliance Home Finance (RHFL). The company emphasizes that these investigations have no impact on its business operations or financial performance. Reliance Power clarifies that its management and governance remain unaffected, with a commitment to stakeholder value. The company reassures investors and employees of its stability during this period.
The CBI's recent actions relate to RCFL and RHFL, involving transactions over a decade old. Both companies have been resolved through Supreme Court judgments in 2022 and 2023, respectively. Importantly, Anil D. Ambani, associated with the Reliance Group, has not been on the boards of either RCFL or RHFL, nor has he been involved with Reliance Power for over 3.5 years. This separation underscores that Reliance Power operates independently from the challenges faced by its affiliates. The company continues to prioritize its operational strategies and growth plans amidst these developments.
This announcement is made under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. The disclosure aims to provide transparency and uphold the integrity of information shared with market participants. Reliance Power seeks to comply fully with regulatory expectations in light of ongoing investigations affecting its affiliates. The company remains committed to maintaining open communication with stakeholders regarding any developments.
Reliance Power's clarification is crucial for its stakeholders, including shareholders, employees, and partners, who may be concerned about the ramifications of the CBI actions. The company asserts that its financial health and operational capacity remain intact, and there will be no adverse effects on stakeholder interests. By addressing these concerns proactively, Reliance Power aims to foster confidence among investors and employees alike. The company reiterates its focus on value creation for all stakeholders, ensuring that its strategic objectives align with their expectations.
Reliance Power will continue to monitor the situation regarding RCFL and RHFL closely. The company plans to maintain transparent communication with its stakeholders as further developments unfold. Reliance Power is dedicated to executing its business strategies and enhancing operational efficiencies. Stakeholders are encouraged to stay informed through official company channels for updates.
In conclusion, Reliance Power Limited remains steadfast in its commitment to operational excellence and stakeholder value despite the recent CBI actions affecting its affiliates. The company’s independence from RCFL and RHFL, alongside its robust governance structure, reinforces its resilience in the face of external challenges. Reliance Power is poised to continue its growth trajectory, ensuring the interests of its stakeholders are safeguarded. The company invites ongoing dialogue and transparency as it navigates this situation.