Reliance Power faces provisional seizure of ₹2032.81 crore assets by ED
Reliance Power Limited's shares in Sasan Power Limited (₹2026.65 crore) and bank balances (₹6.16 crore) have been provisionally seized by the ED under FEMA. The action relates to 2006 bonds and 2008 overseas investments. The company disputes the allegations and is assessing implications.
The seizure of over ₹2032 crore in assets, including pledged shares and bank balances, represents a substantial financial and operational risk for the company, warranting a high impact assessment.
The ED's seizure order for a significant amount of company assets and alleged contravention of FEMA regulations negatively impacts the company's financial standing and reputation.
Reliance Power Limited has disclosed the receipt of an Order of Seizure from the Enforcement Directorate (ED) under Section 37A(1) of the Foreign Exchange Management Act (FEMA). The order, dated October 12, 2026, pertains to foreign currency convertible bonds issued in 2006 and an overseas investment made in 2008 in a Singapore subsidiary, which the company states had all applicable approvals.
The seizure primarily affects shares held by Reliance Power in its wholly-owned subsidiary, Sasan Power Limited, valued at ₹2026.65 crore. These shares are already pledged to Power Finance Corporation Limited, a Government of India undertaking, under security arrangements for over 10 years. Additionally, bank balances amounting to ₹6.16 crore have been seized.
The ED alleges contravention of Section 4 of the Foreign Exchange Management Act, 1999. Reliance Power disputes these allegations and states that the seizure is provisional and subject to confirmation by the Competent Authority. The company is currently assessing the full financial implications and intends to take all appropriate legal steps to safeguard its interests and those of its stakeholders.
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Reliance Power Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Reliance Power Limited. Read the original for the full detail.