They are baseless and instigated by vested interests, says RIL

Corporate India on Friday rejected the charges, made by Arvind Kejriwal, that it had stashed away black money abroad, but did not talk of legal action against the social activist or India Against Corruption.

Reliance Industries Limited (RIL) said that neither the company nor its owner Mukesh Ambani had any illegitimate account anywhere in the world, rejecting Mr. Kejriwal’s charge that they had parked black money in HSBC Bank in Geneva.

“As part of normal business, international subsidiaries of RIL deal with several global banks, including HSBC. These accounts are fully compliant with all regulations and are disclosed in their appropriate jurisdictions, and in India. The continued tirade… being made by IAC against us appears to be instigated by vested interests,” the company.

The Anil Ambani-led Reliance Group also denied the charges. “Mr. Anil Dhirubhai Ambani had no accounts with HSBC in Geneva. It is regrettable that such baseless allegations are being made by IAC at the behest of vested interests.”