Bank of India's Action on Reliance Communications has No Impact on Reliance Power Limited

Reliance Power Limited wish to clarify that the recent action by Bank of India to classify the loan account of Reliance Communications Limited and Mr. Anil D Ambani as fraud has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of Reliance Power.

Disclosures and records available in public domain indicate that aforesaid classification by Bank of India for Reliance Communications and others, pertains to matters dating back 10 years ago.

Importantly, in the same matter, State Bank of India, the Lead Bank, has already withdrawn its show cause notice for classification of fraud against other Directors of Reliance Communications. Mr. Anil D. Ambani is not on the Board of Reliance Power Limited for more than 3.5 years.

At present, Reliance Communications is being managed under the supervision of a Committee of Creditors, led by SBI and overseen by a Resolution Professional. The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon'ble Supreme Court, for the past six years.

Reliance Power is a separate and independent listed entity with no business or financial linkage to Reliance Communications.

Reliance Power continue to focus on its business plans and remain committed to creating value for all stakeholders.

Shares of Reliance Power Limited was last trading in BSE at Rs. 48.93 as compared to the previous close of Rs. 50.08. The total number of shares traded during the day was 1953601 in over 8548 trades.

The stock hit an intraday high of Rs. 50.90 and intraday low of 48.21. The net turnover during the day was Rs. 96421807.00.

Source : Equity Bulls

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