GUJARAT, AHMEDABAD | 26th JULY 2025: Reliance Group wishes to clarify certain recent media reports concerning the actions initiated by an enforcement agency. These reports appear to pertain to allegations in relation to transactions involving Yes Bank and Reliance Home Finance, which are more than 8 years old.
Allegation: Preliminary investigation by EDrevealedloan diversion of around Rs.3000 Crores from Yes Bank (period 2017 to 2019). ED has found that just before the loan was granted, the Yes Bank promoters received money in their concerns. ED is investigating this nexus of bribe and the loan.
Fact: Loans extended by Reliance Home Finance Limited (RHFL)to certain private companies of the promoter of Yes Bank were sanctioned on merit, after following the due process, and were duly approved by a credit committee comprising more than 30 individuals.These loans were fully secured and have been fully repaid, including interest and the outstanding is zero.
Allegation: ED has found gross violations in Yes Bank loan approvals to RAAGA companies, such as, Credit Approval Memorandums (CAMs) were back-dated, Investments were proposed without any due diligence/ credit analysis in violation of Banks Credit Policy inter alia.In violation of the loan terms, these loans were further diverted to many group companies and shell companies.
Fact: Yes Bank had granted loans to Reliance entities after following the due process. The entire exposure of Reliance Group companies is fully secured and was undertaken strictly in the ordinary course of business. All transactions between Reliance Group companies and Yes Bank have been carried out in complete compliance with applicable laws, regulations, and financial norms.
Allegation: SEBI is also learnt to have shared its findings with ED in the case of RHFL. Dramatic increase in corporate loans by RHFL, from INR 3,742.60 Crore in FY 2017-18 to INR 8,670.80 Crore in FY 2018-19 is also under ED lens. Issues of Irregular & Expedited Approvals, Process Deviations many other illegalities have been found.
Fact: Allegations similar to those referred to in the media reports were addressed in an order passed by SEBI in August 2024. This order has been challenged and is currently pending adjudication before the Hon’ble Securities Appellate Tribunal (SAT). The matter is thus sub-judice.
The debt resolution process of Reliance Home Finance led by Bank of Baroda standsresolved pursuant to the judgment of the Hon’ble Supreme Court of India dated March 2023.
Allegation: SBI has classified Reliance Communications account as “Fraud.”
Fact: Reliance Communications Limited (RCOM) has been under the Corporate Insolvency Resolution Process (CIRP) pursuant to the Insolvency and Bankruptcy Code, 2016, for over six years. The matters pertaining to the resolution of RCOM are sub-judice in the NCLT and Hon’ble Supreme Court of India.
State Bank of India (SBI) did not grant Mr. Anil D. Ambani an opportunity for a personal hearing before its committee made its decision in the matter. Furthermore, SBI had dropped similar allegations against other noticees on identical grounds; however, Mr. Ambani was not afforded the same treatment. This failure on the part of SBI amounts to a serious breach of the principles of natural justice and runs contrary to established judgments of the Hon’ble Supreme Court and the Hon’ble Bombay High Court, as detailed in the attached document. It is important to note that Mr. Anil D. Ambani served as a non-executive director on the board of Reliance Communications Limited (RCOM) and was not involved in its day-to-day operations, which were managed by the company’s key managerial personnel. Additionally, SBI did not provide Mr. Ambani with the underlying documents forming the basis of the Forensic Audit Report (FAR), thereby depriving him of a fair opportunity to assess and respond to the allegations.
Canara Bank, who is part of the lenders consortium along with the State Bank of India, has unconditionally withdrawn the fraud classification of RCOM accounts on 10 July 2025 in the Bombay High Court.
Anil Ambani resigned from the board of RCOM in 2019. Presently, Anil Ambani is not on the board of any Reliance Group companies.
RCOM and RHFL are not part of the Reliance Group.
Currently, there are only two listed companies in the Reliance Group – Reliance Infrastructure Ltd. and Reliance Power Ltd. The said actions have absolutely no impact on the business operations, financial performance, employees, shareholders, or any other stakeholders of Reliance Infrastructure Limited and Reliance Power Limited or any other continuing Reliance Group entity.
