Reliance Infrastructure Faces Lien of ₹77.86 Crore Amid FEMA Allegations
Reliance Infrastructure's Regulatory Challenges
Reliance Infrastructure Limited has announced that it has been issued an order confirming a lien of ₹77.86 crore on its bank accounts due to alleged breaches of the Foreign Exchange Management Act (FEMA). The company, led by Anil Ambani, stated in a regulatory filing that it intends to appeal this order. This lien follows a provisional order from December 9, 2025, which had already placed restrictions on the company's bank accounts.
The filing indicates that the lien is connected to claims of non-compliance with FEMA regulations, although no specific monetary penalties were disclosed apart from the lien itself. In December 2025, the Enforcement Directorate (ED) had seized over a dozen bank accounts belonging to Reliance Infrastructure, which held approximately ₹55 crore, as part of an investigation linked to hawala transactions under FEMA.
The ED has accused Reliance Infrastructure of misappropriating public funds from highway construction projects awarded by the National Highways Authority of India (NHAI) and illegally transferring these funds to the UAE. This investigation is related to a 2010 tender awarded to the company for an engineering, procurement, and construction (EPC) contract for the JR Toll Road (Jaipur-Reengus highway).
Request for Review of Trading Restrictions
In another development, Reliance Infrastructure has requested a review of the Additional Surveillance Measure (ASM) framework, which imposes trading restrictions on its shares. The company argues that these measures negatively affect its over 700,000 public shareholders and stresses the importance of maintaining market mechanisms that support fair price discovery and investor confidence.
In its representation, Reliance Infrastructure pointed out that the current trading framework, which allows transactions only once a week within a limited ±5% price band, leads to price movements that are predictable and mechanical. The company believes these restrictions do not accurately reflect its business fundamentals, operational performance, or long-term value creation potential.
Reliance Infrastructure has expressed that the once-a-week trading limitation hampers effective market price discovery and could unintentionally diminish shareholder value. Consequently, the company has urged regulators to reconsider this trading restriction and implement measures that balance market surveillance with the protection of investors and the interests of shareholders.