financetom
Business
financetom
/
Business
/
Anil Ambani meets ED; Reliance Group says transactions with Yes Bank bonafide; no dealings with Rana Kapoor
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Anil Ambani meets ED; Reliance Group says transactions with Yes Bank bonafide; no dealings with Rana Kapoor
Mar 19, 2020 11:37 AM

Reliance Group Chairman Anil Ambani today met officials of the Enforcement Directorate to clarify on the Reliance Group's exposure to Yes Bank, the group said in a release.

Share Market Live

NSE

"He reiterated that the Reliance Group’s entire exposure to Yes Bank is fully secured and transacted in the ordinary course of business. All transactions between the Reliance Group and Yes Bank are in compliance with the law and financial regulations," the Reliance Group statement said.

Ambani's nine group companies are stated to have taken loans of about Rs 12,800 crore from the crisis-ridden Yes Bank, that reportedly were under "stress", according to a PTI report.

On March 6, Finance Minister Nirmala Sitharaman told a press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.

Ambani also clarified to the agency that Reliance Group has no direct or indirect exposure to Rana Kapoor or his wife or daughters, or any entities controlled by Rana Kapoor or his family.

The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later allegedly turned non-performing assets (NPAs).

The group is committed to honor repayments of all its borrowings from Yes Bank through its various asset monetization programmes, the statement added.

"Ambani has assured that the Reliance Group will continue to extend its full support and cooperation to all authorities," it said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Hemostemix Raises $470,000 in Private Placement
Hemostemix Raises $470,000 in Private Placement
Jul 4, 2025
08:52 AM EDT, 07/04/2025 (MT Newswires) -- Hemostemix ( HMTXF ) on Friday said it has raised $470,000 in its non-brokered private placement of 3.91 million shares at $0.12 each. Proceeds will be used for general working capital. ...
Northern Dynasty Discussing Potential Settlement With U.S. EPA Over Pebble Project
Northern Dynasty Discussing Potential Settlement With U.S. EPA Over Pebble Project
Jul 4, 2025
09:19 AM EDT, 07/04/2025 (MT Newswires) -- Northern Dynasty Minerals ( NAK ) said Friday that it is in talks with the U.S. Environmental Protection Agency (EPA) to explore a potential settlement regarding the Pebble project in Alaska. Northern Dynasty said the settlement is the fastest path forward for withdrawal of the veto on the project. In March 2024, the...
Sonoro Gold Secures All Surface Rights for Proposed Cerro Caliche Mining Operation in Mexico
Sonoro Gold Secures All Surface Rights for Proposed Cerro Caliche Mining Operation in Mexico
Jul 4, 2025
08:51 AM EDT, 07/04/2025 (MT Newswires) -- Sonoro Gold ( SMOFF ) on Friday said it secured all of the surface rights necessary for its Cerro Caliche Gold Project in Sonora, Mexico through a lease agreement. The company now has exclusive surface rights to the Rancho El Cerro Prieto property covering 3,908 hectares, including the 15 contiguous Cerro Caliche mining...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved