Reliance Power clarifies on Anil Ambani, RCom loan accounts being tagged 'fraud'; says this
Reliance Power shares were trading 2.5% higher at Rs 47.58 against the previous close of Rs 46.40 on BSE. Market cap of the firm stood at Rs 19,438 crore.
- Sep 5, 2025,
- Updated Sep 5, 2025 12:54 PM IST
Shares of Reliance Power were trading higher in the afternoon session on Friday amid a clarification by the firm on the development that Bank of Baroda (BoB) declared the loan accounts of Reliance Communications Ltd (RCom) and its former director Anil Dhirajlal Ambani as "fraud".
Reliance Power shares were trading 2.5% higher at Rs 47.58 against the previous close of Rs 46.40 on BSE. Market cap of the firm stood at Rs 19,438 crore.
Reliance Power Limited said the recent action by Bank of Baroda 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 Baroda for Reliance Communications and Mr. Anil D Ambani, pertains to matters dating back 10 years ago. 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," said Reliance Power.
On Friday, Ambani denied allegations after BoB classified the loan account of RCom and himself as "fraud". A spokesperson said the matter relates to events dating back to 2013 and stressed that Ambani served only as a Non-Executive Director on RCom's board from 2006 to 2019, with no role in the company's daily operations or decision-making.
The statement added that RCom had a consortium of 14 banks, and select lenders have now initiated proceedings "in a staggered and selective manner." Ambani categorically rejected the charges and said he will pursue legal remedies available to him.
Shares of Reliance Power were trading higher in the afternoon session on Friday amid a clarification by the firm on the development that Bank of Baroda (BoB) declared the loan accounts of Reliance Communications Ltd (RCom) and its former director Anil Dhirajlal Ambani as "fraud".
Reliance Power shares were trading 2.5% higher at Rs 47.58 against the previous close of Rs 46.40 on BSE. Market cap of the firm stood at Rs 19,438 crore.
Reliance Power Limited said the recent action by Bank of Baroda 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 Baroda for Reliance Communications and Mr. Anil D Ambani, pertains to matters dating back 10 years ago. 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," said Reliance Power.
On Friday, Ambani denied allegations after BoB classified the loan account of RCom and himself as "fraud". A spokesperson said the matter relates to events dating back to 2013 and stressed that Ambani served only as a Non-Executive Director on RCom's board from 2006 to 2019, with no role in the company's daily operations or decision-making.
The statement added that RCom had a consortium of 14 banks, and select lenders have now initiated proceedings "in a staggered and selective manner." Ambani categorically rejected the charges and said he will pursue legal remedies available to him.