Mumbai: The Reliance Group, led by Anil D. Ambani, has strongly denied an upcoming exposé by Cobrapost, calling it a “malicious and agenda-driven campaign” meant to hurt the company’s reputation and mislead its investors.
The company stated in a statement on Wednesday that Cobrapost, which hasn’t done anything since 2019, has “zero journalistic credibility and a 100% track record of agenda-driven stings.”
It also said that the media outlet’s sudden return “is fully funded by entities with direct commercial interest in acquiring Reliance Group assets,” which suggests that there are other reasons for the move.
Cobrapost Will Hold a Press Conference on Thursday
The announcement comes just one day before Cobrapost’s press conference on Thursday, which is called “The Lootwallahs: How Indian Business is Robbing Indians – I.” The Book of Lies. A Fraud Worth About ₹41,000 Crore Has Been Found.
Cobrapost said that the event would claim that a “corporate giant fraudulently diverted funds worth ₹28,874 crore.”
Reliance Group, on the other hand, called the charges “a deliberate campaign of calumny, disinformation, and character assassination” against not just Anil Ambani but also the Group’s 5.5 million stockholders.
Cobrapost is accused of “market manipulation and extortion” by Reliance.
Reliance said that the “so-called exposé” was an attempt to lower company stock prices and scare investors into selling group assets at lower rates.
The firm also said that Aniruddha Bahal, the founder of Cobrapost, employed “improper and coercive tactics,” which made it seem like the campaign was not a real journalistic probe but a “desperate attempt at extortion.”
The business added in its statement, “The so-called exposé is just a rehashing of old, publicly available information that has been misrepresented, distorted, and taken completely out of context.”
Reliance further said that the facts Cobrapost talked about has already been looked at by the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED), and the Securities and Exchange Board of India (SEBI), which are all government organizations.
Reliance Asks SEBI to Look Into Trading Problems
Reliance Infrastructure and Reliance Power have filed a formal complaint with SEBI to protect the interests of their shareholders. They want the regulator to look into possible anomalies in stock trading patterns that may be related to the campaign.
The company said again that it is committed to being open and following the rules. It said, “We will continue to expose such malicious attempts and protect investor confidence.”