In regulatory filings, both companies stressed that RCFL and RHFL are legacy entities, with the alleged transactions cited by the CBI dating back over a decade. “RCFL and RHFL have been fully resolved with a change in management pursuant to the judgment of the Hon’ble Supreme Court of India in 2022 and 2023 respectively, through separate independent lender-driven processes led by Bank of Baroda under inter-creditor arrangements as per RBI regulations,” the companies noted.
Earlier, the CBI filed chargesheets in two corruption cases, alleging a conspiracy between industrialist Anil Ambani and former Yes Bank co-founder Rana Kapoor. The agency claimed Kapoor abused his position to channel substantial public funds of Yes Bank into financially stressed ADA Group companies.
According to the chargesheets, Yes Bank invested over ₹4,900 crore in 2017 in non-convertible debentures and commercial papers of RCFL and RHFL, despite the firms being placed “under watch” by Care Ratings. The funds were then siphoned off through multiple layers, pointing to a systematic diversion of public money.
The CBI also alleged that as part of a quid pro quo, Ambani, then chairman of ADA Group, facilitated concessional credit facilities from RCFL and RHFL to loss-making entities owned by Rana Kapoor’s family. This arrangement allegedly caused a wrongful loss of ₹2,796.77 crore to Yes Bank while benefiting RCFL, RHFL, and other ADA Group firms, along with Kapoor’s family companies.
The statements highlighted that Ambani, from the inception of RCFL and RHFL, “has never been on the Boards of either of the Companies as per public records.” He is also not on the Boards of Reliance Power or Reliance Infrastructure for over three and a half years.
Reliance Power emphasised that it is a “separate and independent listed entity” and that the CBI actions have no bearing on its day-to-day management, governance, or financial stability. The company added that it will continue to focus on its business plans and creating value for stakeholders.
Reliance Power, part of the Reliance Group, is one of India’s leading private sector power generation companies with an operating portfolio of 5,305 megawatts, including 3,960 megawatts at Sasan Power Limited, the world’s largest integrated coal-based power plant. Sasan Power has consistently ranked among India’s best operating power plants over the past seven years.
Similarly, Reliance Infrastructure clarified that its operations remain unaffected. “Reliance Infrastructure is a separate and independent listed entity and these actions have no bearing on the Company’s day-to-day management, governance or financial stability. Reliance Infrastructure continue to focus on its business plans and remain committed to creating value for all stakeholders,” the company said.
Reliance Infrastructure is one of India’s largest infrastructure companies, developing projects through Special Purpose Vehicles (SPVs) across high-growth sectors such as power, roads, metro rail, and defence. The company provides engineering and construction services for power, infrastructure, metro, and road projects and operates metro rail and road projects on build-own-operate-transfer (BOOT) and build-operate-transfer (BOT) models. It is also a major player in power distribution.
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