Reliance Infrastructure discloses ED share attachments and CBI cases

Reliance Infrastructure Limited disclosed Enforcement Directorate attachments of 79,38,23,499 Reliance Power shares across two Prevention of Money Laundering Act matters as of September 30, 2026, while Central Bureau of Investigation chargesheets in two finance-company matters named Reliance Infrastructure as an accused without court cognizance.

What Reliance Power shares did ED attach from Reliance Infrastructure?

The Enforcement Directorate, or ED, provisionally attached 73,10,34,431 equity shares of Reliance Power Limited held by Reliance Infrastructure during the period under the Prevention of Money Laundering Act, 2002, or PMLA. The filing says this matter was pending before the PMLA Adjudicating Authority at September 30, 2026, and does not disclose a final outcome.

ED separately provisionally attached 6,27,89,068 Reliance Power shares and one immovable property in a PMLA investigation concerning certain toll-road projects of Reliance Infrastructure and its special-purpose vehicles. That investigation concerns transactions before financial year 2012-13. The two disclosed share parcels total 79,38,23,499 shares, but they belong to separate proceedings, each pending before the Adjudicating Authority.

What earlier ED action remains pending against Reliance Infrastructure?

Earlier PMLA action involved 37 immovable properties and Reliance Infrastructure's equity holdings in BSES Rajdhani Power Limited, BSES Yamuna Power Limited and Mumbai Metro One Private Limited. The PMLA Adjudicating Authority confirmed those attachments, unlike the two newer Reliance Power share attachments that remain pending at that authority. Reliance Infrastructure's appeals against the earlier confirmation orders remain before the Appellate Tribunal.

Under the Foreign Exchange Management Act, 1999, or FEMA, ED seized balances in 13 bank accounts through an order dated December 9, 2025 under Section 37A(1). Reliance Infrastructure said its appeal against the June 6, 2026 FEMA order was listed before the Appellate Tribunal on January 18, 2027. The filing did not provide a value for the seized balances, the 37 properties or the equity stakes covered by the earlier PMLA action.

What is the status of the FEMA notice and ED complaint?

ED issued a FEMA show-cause notice on July 31, 2026, followed by an addendum on September 24, 2026, alleging contraventions of Section 4 read with Sections 42 and 13(1) of FEMA. After the reporting period, Reliance Infrastructure filed a writ petition in the Delhi High Court challenging that notice. The matter was listed for hearing on January 11, 2027.

The toll-road PMLA investigation has also resulted in an ED prosecution complaint before the Special Court naming Reliance Infrastructure as an accused. Reliance Infrastructure said it had not received notice of that complaint and that the court had not taken cognizance. This procedural position is separate from the asset-attachment process and from the FEMA proceedings over the 13 bank accounts.

Why do the CBI chargesheets matter for Reliance Infrastructure?

Central Bureau of Investigation, or CBI, media releases dated July 7, 2026 and October 1, 2026 stated that chargesheets had been filed before the Special CBI Court in Mumbai in the Reliance Commercial Finance Limited and Reliance Home Finance Limited matters, respectively. Both chargesheets name Reliance Infrastructure as an accused. The filing says the Special CBI Court had not taken cognizance of either chargesheet.

CBI also conducted a search and seizure operation at Reliance Infrastructure's registered office on July 18, 2026. Reliance Infrastructure said it and its officials fully cooperated with the investigating authority. The disclosure does not set out the underlying allegations in the two CBI matters, a monetary claim, or a date for the court to consider cognizance.

What other regulatory proceedings did Reliance Infrastructure disclose?

Reliance Infrastructure disclosed two Securities and Exchange Board of India, or SEBI, show-cause notices, dated September 30, 2025 and April 10, 2026. The first alleged violations of SEBI's prohibition of fraudulent and unfair trade practices regulations and the SEBI Act, 1992. The second alleged violations of Regulation 30 and Regulations 4(1)(c) and 4(1)(e) of the Listing Regulations. Reliance Infrastructure said its settlement application and detailed reply remained pending with SEBI.

The Serious Fraud Investigation Office, or SFIO, sought information through a November 19, 2025 notice under Section 217 of the Companies Act, 2013. The Bombay High Court, or BHC, extended the time for Reliance Infrastructure to submit information on December 24, 2025 and restrained SFIO from coercive action. Reliance Infrastructure's petition seeking disclosure of the underlying Ministry of Corporate Affairs order remained pending.

How did the proceedings affect reported financial results?

Reliance Infrastructure made no adjustment to its consolidated unaudited financial results pending final outcomes of the ED, CBI, SEBI, SFIO and Form ADT-4-related proceedings. The results covered the quarter and half year ended September 30, 2026 and were approved by the board on November 13, 2026. The company based its treatment on the current stage of the matters.

The independent reviewers said the outcomes of the proceedings were uncertain and that they could not determine consequential implications for the standalone results. They also said they could not assess recoverability of Rs 4,705.74 crore of economic rights in Odisha discoms and certain unlisted entities at September 30, 2026. Separately, Reliance Infrastructure recognised a Rs 270.99 crore net gain from deconsolidating four toll-road entities, which the filing does not link to the investigations.

Conclusion

Reliance Infrastructure's filing shows multiple unresolved enforcement and regulatory tracks rather than a single proceeding. The newly disclosed PMLA attachments cover 79,38,23,499 Reliance Power shares in two cases, while the CBI matters have reached the chargesheet stage without cognizance. Earlier ED property attachments, FEMA action involving 13 bank accounts, SEBI notices and the SFIO information request also remain unresolved.

The next disclosed events to watch are the January 11, 2027 Delhi High Court hearing on the FEMA show-cause notice challenge and the January 18, 2027 Appellate Tribunal hearing on the FEMA appeal. Further decisions by the PMLA Adjudicating Authority on the two share attachments, and any cognizance decision by the Special CBI Court, would determine the next procedural steps disclosed in the filing.