Mumbai: Reliance Infrastructure has received an order confirming a lien of Rs 77.86 crore on its bank accounts in connection with alleged violations of the Foreign Exchange Management Act (FEMA). The company disclosed the development in a regulatory filing and stated that it plans to challenge the order through an appeal.

The order confirms a provisional directive issued on December 9, 2025, under which a lien had already been placed on the company’s bank accounts. Reliance Infrastructure said the communication pertains to alleged non-compliances under FEMA and clarified that no separate monetary penalty has been mentioned apart from the confirmation of the bank lien.

The development marks the latest chapter in an ongoing investigation involving the company and its financial transactions, which have come under scrutiny by enforcement authorities.

Company plans to challenge the order

In its regulatory filing, Reliance Infrastructure stated that it intends to file an appeal against the order. The company has maintained that it will pursue legal remedies available under the law to contest the findings and seek relief from the restrictions imposed on its bank accounts.

The confirmed lien of Rs 77.86 crore is higher than the amount reportedly frozen during earlier stages of the investigation. The company has not disclosed any operational impact arising from the order but indicated that it is taking necessary legal steps.

The case centres on alleged FEMA violations, which regulate foreign exchange transactions and overseas fund movements by Indian entities and individuals.

ED investigation linked to alleged fund diversion

The latest order stems from an investigation initiated by the Enforcement Directorate (ED) into alleged irregularities involving overseas transactions.

In December 2025, the ED reportedly seized more than a dozen bank accounts linked to Reliance Infrastructure, holding deposits worth around Rs 55 crore, as part of a hawala-linked FEMA probe.

According to allegations made by the agency, Reliance Infrastructure, through certain special purpose vehicles (SPVs), diverted public funds associated with highway construction projects awarded by the National Highways Authority of India (NHAI) and transferred them to the United Arab Emirates through unauthorised channels.

The investigation relates to a 2010 engineering, procurement and construction (EPC) contract awarded for the development of the JR Toll Road project, also known as the Jaipur-Reengus highway project.

Enforcement agencies are examining the financial flows connected to the project and the role of entities involved in the execution and funding structure.

Background of the highway project

The Jaipur-Reengus highway project was awarded to Reliance Infrastructure as part of a broader infrastructure development initiative aimed at improving road connectivity in Rajasthan.

Authorities have alleged that funds linked to the project were routed through SPVs before being transferred abroad. The ED is investigating whether the transactions violated FEMA provisions governing overseas remittances and foreign exchange management.

Reliance Infrastructure has not publicly accepted the allegations and continues to contest the findings of enforcement agencies.

The matter remains under legal scrutiny, and further proceedings are expected as the company pursues its appeal.

Reliance Infra seeks review of trading restrictions

In a separate development, Reliance Infrastructure has approached the Securities and Exchange Board of India (SEBI), National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), requesting a review of the surveillance framework applied to its shares.

The company has raised concerns regarding restrictions imposed under the Additional Surveillance Measure (ASM) framework, particularly the rule allowing trading in its shares only once a week within a narrow price band of plus or minus 5 per cent.

Reliance Infrastructure argued that the framework negatively impacts more than 7 lakh public shareholders and may hinder efficient market functioning.

According to the company, the current trading restrictions result in price movements that are largely mechanical and predictable, preventing the stock price from accurately reflecting business performance, operational developments and long-term value creation.

Concerns over price discovery and shareholder value

The company has urged regulators to review the existing surveillance measures and introduce safeguards that strike a balance between market oversight and investor interests.

Reliance Infrastructure contends that the once-a-week trading framework limits effective price discovery and may contribute to the erosion of shareholder value over time.

In its representation to market regulators, the company emphasised the importance of maintaining investor confidence and ensuring that market mechanisms continue to function efficiently.

The company has called for a more balanced approach that protects investors while allowing normal trading activity to reflect genuine market sentiment and corporate performance.

Conclusion

Reliance Infrastructure is facing dual challenges as it contests a confirmed Rs 77.86 crore bank lien linked to alleged FEMA violations while simultaneously seeking relief from trading restrictions imposed under the ASM framework. As legal proceedings and regulatory reviews continue, the developments are likely to remain closely watched by investors, regulators and the company’s more than 7 lakh shareholders.