Reliance Group distances itself from attachment of assets by ED in RCOM case

The Reliance Group has issued a clarification regarding the attachment of assets in the Reliance Communications by the Enforcement Directorate in a money laundering case.

A group spokesperson stated that the attached assets belong to RCOM, which has not been part of the Reliance Group since 2019.

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According to the statement, RCOM has been undergoing Corporate Insolvency Resolution Process for over six years under the supervision of the NCLT and Supreme Court. The company is currently managed by a Resolution Professional appointed by a consortium of lenders led by State Bank of India.

The spokesperson emphasized that Anil Ambani has had no involvement with RCOM since resigning six years ago in 2019. The statement also clarified that the attachment order does not affect Reliance Infrastructure and Reliance Power, both of which continue normal operations.

“Ambani has not served on the boards of either Reliance Infrastructure or Reliance Power for over three and a half years. The group assured stakeholders that both companies remain focused on growth and operational excellence,” read the press note.