Anil Ambani-promoted Reliance Power Ltd and Reliance Infrastructure Ltd are under heightened scrutiny after both companies disclosed receiving Pre-Cognizance notices from the Special Judge, CBI, New Delhi. These notices relate to past complaints filed by the Enforcement Directorate (ED) concerning alleged violations of the Prevention of Money Laundering Act (PMLA).
Notices Detail Alleged PMLA Violations
In an official exchange filing, Reliance Power confirmed that it, along with its subsidiary Reliance CleanGen Limited, was served a Pre-Cognizance notice under Section 223 of the Bharatiya Nagarik Suraksha Sanhita, 2023. The company is listed among the proposed accused in a complaint by the ED involving an alleged amount of ₹715 crore under sections 3 and 4 of PMLA, specifically linked to the matter of Reliance Home Finance Limited & Others.
Similarly, Reliance Infrastructure also received an identical Pre-Cognizance notice from the Special Judge, CBI, New Delhi. This notice implicates Reliance Infrastructure as a proposed accused in a separate ED complaint, which alleges an amount of ₹3,000 crore under the same sections of PMLA, also related to Reliance Home Finance Limited & Others.
Companies Respond to Legal Scrutiny
Both companies have stated that the "expected financial implication is not ascertainable at this stage." They have also affirmed their intention to "take all appropriate steps to safeguard its interest as may be legally advised." These notices place the two Anil Ambani group entities firmly in the spotlight, prompting investor attention.
As of Monday's close, Reliance Power shares settled at ₹22.72, experiencing a 1.17 percent decline. Reliance Infrastructure shares also saw a drop, closing at ₹65.52 on the BSE, down 1.99 percent. Reliance Infra holds a 24.90 percent stake in Reliance Power, as reported at the end of June 30.