Reliance Group has strongly condemned what it termed as a “malicious and orchestrated campaign” by Cobrapost to defame the Group, its chairman Anil Ambani, and over 55 lakh shareholders of Reliance Infrastructure and Reliance Power.
File Photo: IANS
Reliance Group has strongly condemned what it termed as a “malicious and orchestrated campaign” by Cobrapost to defame the Group, its chairman Anil Ambani, and over 55 lakh shareholders of Reliance Infrastructure and Reliance Power.
Describing Cobrapost as a “defunct and discredited online platform”, Reliance Group, in a statement, said it has been “resurrected” by vested interests with a commercial motive to depress the stock prices of Reliance companies and acquire assets at throwaway prices.
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“The so-called exposé is a recycling of old, publicly available information already examined by statutory authorities including CBI, ED, and SEBI,” the company said. It added that any fresh comments on such matters would amount to contempt of court since many cases are sub-judice.
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Reliance Group further accused Cobrapost founder Aniruddha Bahal of employing “improper and coercive tactics” and attempting to extract concessions under the guise of journalism. The Group said certain individuals claiming to be associated with Cobrapost had approached its associates with “settlement” offers, calling the actions “criminal extortion and greenmail.”
The company said that the campaign aims to crash stock prices and create panic in the markets to facilitate asset grabs. It cited key assets such as BSES Limited, Mumbai Metro, and the 1,200 MW Rosa Power Project as potential targets.
Over the past three months, Reliance Infrastructure and Reliance Power’s combined market capitalization has fallen by over Rs 15,000 crore due to speculative trading and misinformation, the Group claimed.
To protect shareholders, Reliance Infrastructure and Reliance Power have filed a complaint with the Securities and Exchange Board of India (SEBI), seeking an investigation into recent trading patterns and possible market manipulation.
The Group urged investors and the media to rely on audited financial disclosures and official regulatory filings rather than “unverified and agenda-driven material.”
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