Reliance Infrastructure Ltd on Wednesday informed stock exchanges that former Reliance Group executives Amitabh Jhunjhunwala and Amit Bapna, who were arrested by the Enforcement Directorate, had ceased to be associated with the group in 2019 and have had no connection with the company thereafter.
In its filing under Regulation 30 of the SEBI Listing Regulations, Reliance Infrastructure said the clarification was being issued in response to media queries. The company stated that Jhunjhunwala left the Reliance Group in September 2019, while Bapna exited in December 2019, and neither has had any association with the group, including Reliance Infrastructure and Reliance Power, since then.
The exchange disclosure comes amid reports of their arrest in a bank loan fraud and money laundering case relating to alleged diversion of funds through shell firms linked to Reliance Home Finance and Reliance Commercial Finance, based on FIRs filed by the Central Bureau of Investigation.
During his tenure, Jhunjhunwala had served as group managing director of the Reliance Group and as vice-chairman and director of Reliance Capital. Bapna was the chief financial officer of Reliance Capital and a director of Reliance Home Finance, the filing said.
