Money & Banking

Anil Ambani appears before ED in YES Bank case

Our Bureau Mumbai | Updated on March 20, 2020

Anil Ambani, Chairman, RCom Rafiq Maqbool

Reliance Group Chairman Anil Ambani met ED officials on Thursday to clarify on the Reliance Group's exposure to YES Bank.

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," said a statement from the group.

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.

"Reliance Group is committed to honour repayments of all its borrowings from YES Bank through its various asset monetization programmes. Mr. Ambani, has assured that the Reliance Group will continue to extend their full support and cooperation to all authorities," the statement added.

The Enforcement Directorate had summoned Reliance Group Chairman in connection with a money-laundering probe against YES Bank promoter Rana Kapoor

Published on March 20, 2020

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