Reliance Power Limited (RPL) has announced the resignation of Ashok Kumar Pal from his positions as Executive Director and Chief Financial Officer, effective October 11, 2025. This development comes in the wake of Pal's arrest by the Enforcement Directorate (ED) on October 10, 2025, in connection with an ongoing investigation.

Investigation Background

The ED's investigation stems from an Enforcement Case Information Report (ECIR) registered on June 16, 2025, under the number ECIR/STF/14/2025. This ECIR is based on a First Information Report (FIR) that Pal himself had filed with the Economic Offences Wing (EOW) in New Delhi on November 11, 2024.

Resignation Details

In his resignation letter addressed to the Board of Directors of Reliance Power Limited, Pal cited his arrest and the pending investigation as the primary reasons for stepping down. He emphasized that his resignation is temporary, stating it would remain in effect "till my name is cleared."

Key Points from Pal's Resignation Letter

• Pal maintains his innocence, stating he is "not involved in any wrongdoing."
• The resignation is effective from October 11, 2025, a day after his arrest.
• Pal had initially communicated his intention to resign to his counsel, Mr. Yash Agrawal, on October 11, 2025.
• The formal resignation letter was submitted on October 13, 2025.

Company Disclosure

Reliance Power Limited disclosed this information to the stock exchanges on October 13, 2025, in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This development raises questions about the nature of the investigation and its potential impact on Reliance Power's operations and financial management. Stakeholders will be closely monitoring any further developments or statements from the company regarding interim arrangements for the CFO position.

Shares of Reliance Power , led by Anil Ambani, experienced a significant drop of over 10% following reports of an executive's arrest by the Enforcement Directorate (ED). The arrest is linked to alleged financial irregularities, including fake bank guarantees and invoicing cases.

Market Impact

The news had a ripple effect on other Anil Ambani-led Reliance companies:

Investigation Details

The ED's investigation focuses on:

• Alleged financial irregularities under the Prevention of Money Laundering Act
• Suspected illegal diversion of approximately ₹3,000.00 crore in loans disbursed by Yes Bank between 2017 and 2019
• A large-scale operation in July that involved searching 35 premises and 50 companies linked to Reliance Anil Ambani Group firms

Executive's Involvement

Ashok Kumar Pal, an executive of Reliance Power, was arrested by the ED. He is alleged to have played a key role in:

• Fund diversion
• Submission of a bogus bank guarantee worth over ₹68.00 crore to the Solar Energy Corporation of India

The arrest and ongoing investigation have raised concerns among investors, leading to the sharp decline in share prices of Reliance Group companies. As the investigation unfolds, market participants will be closely monitoring any further developments and their potential impact on the group's financial standing and market performance.