The Supreme Court of India continues its examination of the petition requesting a Special Investigation Team (SIT) to investigate alleged financial misconduct by the Anil Ambani Group. Chief Justice Surya Kant has made significant observations during the proceedings, expressing concern over the magnitude of the alleged financial irregularities while maintaining a measured judicial approach.

Chief Justice's Key Observations

During the latest hearing, Chief Justice Surya Kant emphasized the court's cautious approach to the matter. The CJI stated the court does not want to pass any harsh order at this stage and prefers to review status reports on the investigation. However, the Chief Justice acknowledged the severity of the allegations, noting that such a huge amount has been siphoned and directing the Solicitor General to take note of this development and inform the relevant agencies.

Legal Framework and Allegations

The investigation request encompasses potential breaches under two critical financial laws involving ₹40,000 crore in alleged fund misappropriation. The Prevention of Money Laundering Act (PMLA) addresses money laundering offenses and provides for the confiscation of proceeds of crime. The Foreign Exchange Management Act (FEMA) governs foreign exchange transactions and violations related to cross-border financial activities.

Corporate Entities Under Scrutiny

Reliance Power and other entities within the Anil Ambani Group remain central to the allegations under judicial review. The petition seeks comprehensive investigation into the financial practices and transactions of these companies. The scope of the alleged irregularities spans across multiple business verticals within the conglomerate.

Judicial Strategy and Next Steps

The Supreme Court's measured approach reflects the complexity of the case and the need for thorough examination of evidence. The Chief Justice's directive to the Solicitor General indicates the court's expectation for coordinated action between judicial proceedings and investigative agencies. The emphasis on status reports suggests the court is seeking detailed information before making decisive rulings on the SIT formation request.

Reliance Power Limited has filed its mandatory Security Cover Certificate for Non-Convertible Debentures with BSE Limited, demonstrating compliance with regulatory requirements for its outstanding debt securities. The submission covers the company's Rs. 250 crore Series III (2017) NCDs as on December 31, 2025.

Regulatory Compliance and Certification

The Security Cover Certificate was prepared in accordance with Regulation 54 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pathak H.D. & Associates LLP, the company's statutory auditors, certified the statement based on unaudited books of accounts for the quarter and nine months ended December 31, 2025.

The certificate specifically relates to Series III (2017) Rated, Listed, Secured, Redeemable, Non-Convertible Debentures with ISIN INE614G07089, originally issued on July 10, 2017, with maturity extended till June 30, 2035.

Asset Coverage Analysis

The Statement of Asset Coverage Ratio reveals comprehensive details of the company's asset position:

The most significant component comprises investments totaling Rs. 16,259.14 crore, primarily consisting of 60,30,44,493 equity shares of Dhirubhai Ambani Green Tech Park Limited (formerly Coastal Andhra Power Limited).

Liability Structure and Coverage Ratios

The company's liability structure under the certificate includes:

Market Valuation and Coverage Metrics

The certificate demonstrates strong asset coverage with key metrics:

The market value assessment for equity shares of Dhirubhai Ambani Green Tech Park Limited, valued at Rs. 506.56 crore, was based on a valuation certificate issued by H. Ashar & Co., Chartered Accountants dated January 28, 2026.

Debenture Details and Modifications

The Series III (2017) NCDs have undergone several modifications since their original Debenture Trust Deed dated August 01, 2017. Subsequent modifications were executed on June 29, 2018, April 25, 2019, August 09, 2020, February 26, 2021, and September 29, 2023, reflecting the company's ongoing debt management strategies.

The certificate was signed by Neeraj Parakh, Executive Director, Chief Executive Officer and Chief Financial Officer (DIN: 07002249), and submitted by Company Secretary Ramandeep Kaur on January 30, 2026.

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