Reliance Group Hits Out At Cobrapost Over Alleged Malicious Campaign
Reliance Group has strongly condemned what it described as a “malicious and agenda-driven campaign” by Cobrapost, alleging that the media platform’s proposed investigation is a deliberate attempt to damage its reputation and mislead stakeholders.
In a statement released on Wednesday, the Anil Ambani-led company said Cobrapost has been dormant since 2019, and has zero journalistic credibility and a 100% track record of agenda-driven stings.
Cobrapost’s Sudden Revival
It alleged that the platform’s sudden revival is fully funded by entities with direct commercial interest in acquiring Reliance Group assets. This move is seen as a corporate governance issue, where the interests of stakeholders are being compromised for personal gains.
Press Conference and Allegations
The statement comes a day before Cobrapost has scheduled a press conference to highlight how a corporate giant diverted funds worth Rs 28,874 crore in a fraudulent manner. The presser invitation for Thursday is titled The Lootwallahs: How Indian Business is Robbing Indians-I. The Ledger of Lies. A Fraud Worth Around Rs 41,000 crore Exposed.
Reliance Group called the move a deliberate campaign of calumny, disinformation, and character assassination, targeted at the Reliance Group, its chairman Anil D. Ambani, and its 5.5 million shareholders. The campaign seeks to crash stock prices and induce panic in the markets to facilitate the acquisition of Reliance Group assets at depressed valuations, it alleged.
Improper and Coercive Tactics
The company further accused Cobrapost’s founder, Aniruddha Bahal, of engaging in improper and coercive tactics that suggest there is more than meets the eye. This has raised concerns among investors and stakeholders about the integrity of the Indian stock market.
Regurgitation of Old Information
The Reliance Group asserted that the so-called exposé is merely a regurgitation of old publicly available information – misrepresented, distorted, and taken entirely out of context. The information being referred to is long available in the public domain and has already been examined by statutory authorities, including the CBI, ED, SEBI, and other competent agencies, it added.
Desperate Attempt at Extortion
The company also described the campaign as a desperate attempt at extortion, aimed at extracting concessions and other benefits. This has raised concerns about the protection of shareholder rights in India.
Formal Complaint with SEBI
As part of its shareholder protection initiative, Reliance Infrastructure and Reliance Power have filed a formal complaint with the Securities and Exchange Board of India (SEBI), seeking an investigation into potential irregularities in stock trading patterns.
This move is seen as a positive step towards investor protection in India, and is expected to boost confidence among investors in the Indian stock market.