Reliance Power (NSE:RPOWER, BOM:532939) clarified on Thursday that the State Bank of India's decision to classify Reliance Communications' (NSE:RCOM, BOM:532712) loan account as fraud has no impact on its own business, financials, or stakeholders.
The company said in a filing with the Indian bourses that it operates as an independent listed entity with no financial or business linkage to Reliance Communications, and that Anil D. Ambani is not on its board.
SBI has classified Reliance Communications' loan account as "fraud" and is taking steps to report former director Anil Ambani to the Reserve Bank of India, Business Standard reported on Wednesday. The bank reportedly cited fund diversion and violations of loan terms as reasons for the action.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.