Anil Ambani assures investors all dues will be cleared in a time-bound manner
While blaming regulatory institutions and courts, Ambani said that the delay in passing verdicts had kept the group from receiving pending dues of over Rs 30,000 crores
June 11, 2019
In an attempt to calm the nerves of its investors after the stocks of his group firm took a beating, Reliance Group Chairman Anil Ambani said on Tuesday that his group firm is committed to meeting all the payment obligations in a time-bound manner and has already dues worth Rs 35,000 crores in the last 14 months.
Addressing the press over a conference call, Ambani said that despite challenging conditions and no financial support from financiers, the conglomerate had repaid the principal of Rs 24,800 crore and made interest payments of Rs 10,600 crore between April 1, 2018, and May 31, 2019. The Rs 35,000 crore worth of dues relates to the debt of Reliance Capital, Reliance Power and Reliance Infra, and their respective affiliates.
‘Unwarranted rumour has caused grave damage’
“Unwarranted rumour mongering, speculation, and bear hammering of all Reliance Group companies shares over the last few weeks, has caused grave damage to all our stakeholders,” said Ambani.
‘Delay in verdicts kept us from receiving Rs 30,000 cr’
While blaming regulatory institutions and courts, Ambani said that the delay in passing verdicts had kept the group from receiving pending dues of over Rs 30,000 crores. “To compound the matter, the regulatory bodies and courts have not passed any final adjudication order on claims aggregating to over Rs 30,000 crore that is due for more than five to 10 years to our various group companies especially Reliance Infrastructure, Reliance Power and their affiliates,” he said and added, “Final decisions have only been inordinately and repeatedly delayed for one reason or the other.”
‘Financial system apathetic’
The Reliance Group Chairman also lashed out at the financial system for “total apathy and lack of any support whatsoever,” which ultimately only significantly hurt the interests of the lenders themselves as well as all other stakeholders.