The company said that neither Reliance Industries Limited nor Mr. Mukesh Ambani have or had any illegitimate accounts anywhere in the world.

"Reliance Industries Limited has business interests in several countries with turnover of thousands of crores in Rupees. As a part of their normal business, these international subsidiaries of Reliance Industries Limited deal with several global banks including HSBC", the company said in the press release.

These accounts are fully compliant with all regulations and are disclosed in their appropriate jurisdictions and in India, it further added.

On Friday, IAC activist Kejriwal claimed that Mukesh Ambani of Reliance owned Rs 100 crore bank balance in HSBC Geneva Branch in 2006.

The company also stated that the continued tirade of baseless allegations being made by IAC against us appears to be instigated by vested interests.

The shares of the company on Friday ended the day lower 1% at Rs 788 on BSE.

GoodReturns.in