NewsStocksED Places Rs 77.86 Crore Lien on Reliance Infrastructure's Bank Accounts Over Alleged FEMA ViolationsED Places Rs 77.86 Crore Lien on Reliance Infrastructure's Bank Accounts Over Alleged FEMA Violations
The Enforcement Directorate (ED) has placed a lien of Rs 77.86 crore on Reliance Infrastructure Limited's (RInfra) bank accounts for alleged Foreign Exchange Management Act (FEMA) violations. This follows a recent ED provisional attachment of assets worth Rs 10,117.00 crore related to alleged Prevention of Money Laundering Act (PMLA) violations. RInfra plans to take appropriate legal action in response to these regulatory challenges.
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Reliance Infrastructure Limited (RInfra) faces new regulatory challenges as the Enforcement Directorate (ED) has placed a lien on the company's bank accounts for Rs 77.86 crore. This action is related to alleged violations under the Foreign Exchange Management Act (FEMA). The company has stated that it will take appropriate legal steps as advised by its counsel.
This development comes in the wake of RInfra's recent clarification regarding the ED's provisional attachment of assets valued at Rs 10,117.00 crore for alleged violations of the Prevention of Money Laundering Act (PMLA). The company had provided a detailed breakdown of these attached assets, emphasizing that the majority of the value was not directly related to RInfra's current operations.
Breakdown of Previously Attached Assets
| Entity | Asset Value (Rs Crore) | Percentage of Total |
|---|---|---|
| Reliance Communications Limited | 8,078.00 | 79.8% |
| Reliance Infrastructure Limited | 339.00 | 3.3% |
| RInfra's Non-core Assets | 330.00 | 3.3% |
| Independent Companies | 582.00 | 5.8% |
| Unspecified | 788.00 | 7.8% |
| Total | 10,117.00 | 100% |
Key Points from RInfra's Previous Clarification
Reliance Communications Assets: The largest portion of the attached assets, amounting to Rs 8,078.00 crore (79.8% of the total), belongs to Reliance Communications Limited, which has not been part of the Reliance Group since 2019 and is currently undergoing Corporate Insolvency Resolution Process (CIRP).
RInfra's Direct Involvement: Only Rs 339.00 crore worth of assets (3.3% of the total) were directly related to Reliance Infrastructure Limited.
Non-core Assets: An additional Rs 330.00 crore in non-core assets of RInfra were also included in the attachment.
Independent Companies: Rs 582.00 crore of the attached assets belong to independent companies that RInfra claims have no involvement with the Reliance Group.
Operational Status: RInfra had assured stakeholders that it continues to operate normally and remains committed to growth, operational excellence, and creating sustainable value for its approximately 7 lakh shareholders.
Management Change: RInfra noted that Mr. Anil D. Ambani has not served on its Board of Directors for more than three and a half years.
Current Situation
The new lien of Rs 77.86 crore on RInfra's bank accounts adds another layer of complexity to the company's regulatory challenges. As with the previous asset attachment, RInfra has expressed its intention to take appropriate legal action to address this latest development.
Stakeholders and investors will be closely monitoring how these regulatory actions may impact RInfra's operations and financial position. The company's response to these challenges and its ability to resolve them will be crucial in maintaining investor confidence in the coming months.
