Reliance Group has accused Cobrapost of running a false, malicious campaign and market manipulation, saying all the allegations are old and verified. Filing a complaint with SEBI, the group has asked investors to rely only on verified information.
Reliance Group Reaction on Cobrapost: Reliance Group has strongly condemned the malicious and systematic campaign being run by Cobrapost to defame its Chairman Anil Ambani and more than 55 lakh shareholders of Reliance Infrastructure and Reliance Power. Calling Cobrapost a dysfunctional and discredited online platform, Reliance Group said in a statement that this was being done with the aim of depressing the share prices of Reliance companies and acquiring assets at throwaway prices.
Everything is in the public domain
Let us tell you that this reaction of Reliance Group has come before the press conference of online portal Cobrapost, in which it has been said to make a big disclosure regarding alleged financial irregularities against a corporate group. Reliance Power and Infra have said in a statement sent to the stock exchanges that the alleged disclosure by Cobra Post is nothing more than distortion of already existing information. All these things are available in the public domain and agencies like SEBI, ED and CBI have investigated it. The company further said that any new comment on such matters would amount to contempt of court, as many cases are already pending in the court.
Cobrapost is adopting unfair and coercive tactics
Anil Ambani-led Reliance Group has also accused Cobrapost founder Anirudh Bahl of adopting unfair and coercive tactics and obtaining various concessions in the name of journalism. The group said some people claiming to be associated with Cobrapost offered a settlement to its associates, terming the action as extortion and bribery. The company said that the purpose of this campaign is to bring down share prices and grab assets by creating panic in the market. Reliance Group’s major assets like BSES Limited, Mumbai Metro and 1,200 MW Rosa Power Project are in the target of Cobra Post.
Reliance Group’s market cap fell by more than Rs 15000 crore in 3 months
Reliance Group claimed that in the last three months, the combined market cap of Reliance Infrastructure and Reliance Power has fallen by more than Rs 15,000 crore due to misinformation. To protect shareholders, Reliance Infrastructure and Reliance Power have filed a complaint with market regulator SEBI, seeking a probe into possible manipulation. Apart from this, the group has appealed to all investors and media to rely on audited financial disclosures and regulatory filings instead of unverified and agenda-laden content.
What is the whole matter?
Cobra Post Portal has organized a press conference on Thursday, October 30, for which it has sent an invitation to all the journalists. It has been alleged that a big corporate group has committed a fraud of Rs 28,874 crore. Anil Ambani-led Reliance Group said that some corporate competitors are spreading lies and propaganda against the group with the aim of tarnishing its image. However, Reliance has not named the rival companies involved in this campaign.