Summary:
Reliance Power Ltd (NSE: RPOWER) has issued a clarification after Bank of Baroda classified the loan account of Reliance Communications Ltd (RCom) and Mr. Anil D. Ambani as fraud. The company stressed that this action has no impact on its operations, financials, or stakeholders.
Matters Relating to the Past
Reliance Power noted that the classification relates to issues nearly a decade old. The company also highlighted that Mr. Anil D. Ambani has not served on its Board for over 3.5 years, distancing current management from past matters.
Independent Operations
The company reiterated its independence from Reliance Communications, underscoring that:
- Reliance Power is a separately listed public entity with no financial or operational links to RCom.
- RCom remains under a Committee of Creditors (CoC) led by the State Bank of India and is managed by a Resolution Professional, with the case under judicial review at the NCLT and the Supreme Court.
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