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RELINFRA - Reliance Infra.

📊 NSE: RELINFRA 🏢 Engineering - Turnkey Services 📅 Last Updated: 12/14/2025 11:48

📢 Recent Corporate Announcements

Reliance Infra Clarifies Typo; Auditors Raise Fraud Suspicions and Resign

🔴 NEGATIVE ⭐ 10/10

REGULATORY 📅 09 Mar 2026, 06:45 PM

Reliance Infrastructure clarified a typographical error in its Q3 FY26 results, but the accompanying auditor's report reveals severe financial and legal distress. The statutory auditors, Chaturvedi & Shah LLP, have filed an ADT-4 form with the MCA regarding suspected fraud involving fund utilization through CLE Private Limited and have tendered their resignation. The auditors issued a 'Disclaimer of Conclusion' due to the inability to verify the recovery of Rs. 4,748.11 crore in assets and ongoing investigations by the ED, SEBI, and SFIO. Additionally, significant doubt exists regarding the company's ability to continue as a 'Going Concern' due to defaulted debt obligations.

Statutory auditors filed ADT-4 (suspected fraud) and resigned effective after the FY26 audit handover.
Auditors unable to determine recovery of Rs. 4,748.11 crore exposure in Odisha Discoms and unlisted entities.
Ongoing investigations by ED, SFIO, and a SEBI Show Cause Notice regarding suspected fund diversion.
Significant doubt on 'Going Concern' status due to outstanding lender obligations and subsidiary guarantees.
Company adjusted Rs. 18,142.17 crore from Other Comprehensive Income to Securities Premium under a NCLT-sanctioned scheme.

💡 Investors should exercise extreme caution as the auditor's refusal to express a conclusion and the filing of fraud-related notices (ADT-4) represent the highest level of corporate governance risk. The stock remains highly speculative given the multiple ongoing investigations by SEBI, ED, and SFIO.

Reliance Infrastructure Clarifies ₹3,716 Cr ED Property Attachment Relates to RCOM

🟡 NEUTRAL ⭐ 7/10

LEGAL 📅 26 Feb 2026, 03:47 PM

Reliance Infrastructure Limited has clarified that the Enforcement Directorate's (ED) attachment of properties worth ₹3,716 crore, including the 'Abode' residence, does not pertain to the company. The company stated that the provisional attachment order is part of an ongoing investigation into Reliance Communications Limited (RCOM) under the Prevention of Money Laundering Act (PMLA). Reliance Infrastructure maintains that no regulatory disclosure was required from its end as the enforcement action is independent of its operations. The clarification was issued following specific queries from the BSE and NSE regarding recent media reports.

ED attached properties worth ₹3,716 crore in connection with a bank fraud probe.
Reliance Infrastructure confirms the investigation is linked to Reliance Communications (RCOM), not RELINFRA.
The attachment includes the 'Abode' property in Pali Hill as part of a PMLA investigation.
Company asserts that no disclosure was warranted under applicable regulations as the action does not involve them.
Clarification was provided to exchanges on February 26, 2026, following media reports from the previous day.

💡 Investors should note the company's clarification distancing itself from the ED action, but remain cautious of sentiment-driven volatility common in promoter-linked legal developments.

Reliance Infra Opens Special Window for Physical Share Demat until Feb 2027

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 25 Feb 2026, 10:36 PM

Reliance Infrastructure Limited has announced the opening of a special window to facilitate the transfer and dematerialisation of physical shares. This initiative follows a SEBI circular and is specifically for shares purchased or sold prior to April 01, 2019. The window will remain operational until February 04, 2027, providing a significant timeframe for shareholders to digitize their holdings. This is a procedural update to help long-term investors resolve pending physical share issues.

Special window for dematerialisation of physical shares is open until February 04, 2027
Applies to shares involved in transactions occurring before April 01, 2019
Compliance move following SEBI Circular dated January 30, 2026
Notices published in Financial Express and Navshakti on February 25, 2026

💡 Investors holding physical share certificates should contact the company's Registrar and Transfer Agent (RTA) to complete dematerialisation before the 2027 deadline. This will ensure better liquidity and ease of trading for their holdings.

Reliance Infra's MMOPL to Receive INR 516 Crore Plus Interest Following High Court Order

🟢 POSITIVE ⭐ 8/10

LEGAL 📅 25 Feb 2026, 10:10 PM

The Bombay High Court has partially upheld an arbitral award in favor of Mumbai Metro One Private Limited (MMOPL), a joint venture where Reliance Infrastructure holds a 74% stake. Following the dismissal of MMRDA's challenge, MMOPL is estimated to receive approximately INR 516 crore plus interest accrued since August 29, 2023. The court has directed that the funds, currently deposited with the High Court, be released to MMOPL after an eight-week period. This development provides a significant liquidity boost to the subsidiary and potentially the parent company.

Bombay High Court partially upholds arbitral award in favor of 74% subsidiary MMOPL
Estimated recovery amount of INR 516 crore plus interest from August 2023
Funds to be released from High Court deposit after a 8-week waiting period
MMRDA's Section 34 Petition challenging the original award was the primary hurdle
MMOPL is conducting a detailed review for further legal steps to recover remaining claims

💡 Investors should monitor the actual realization of these funds after the 8-week period and check for any further appeals by MMRDA in the Supreme Court. The cash inflow is a positive sign for the company's deleveraging efforts.

Reliance Infrastructure Reports ED Provisional Attachment of Rs 1,575 Crore in Subsidiary Shares

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 06 Feb 2026, 10:27 PM

Reliance Infrastructure Limited has received a Provisional Attachment Order from the Enforcement Directorate (ED) amounting to approximately Rs 1,575 crore. The order targets the company's shareholding in key subsidiaries, specifically BSES Yamuna Power Limited, BSES Rajdhani Power Limited, and Mumbai Metro One Private Limited. This action stems from alleged violations of the Prevention of Money Laundering Act (PMLA) during the 2017-2019 period. The company has stated it will take appropriate legal action to protect shareholder interests and contest the order.

Provisional Attachment Order No. 10/2026 issued by the ED for ~Rs 1,575 crore
Attachment covers shareholdings in BSES Yamuna, BSES Rajdhani, and Mumbai Metro One
Alleged violations relate to PMLA for the period between 2017 and 2019
Company is seeking legal advice to challenge the attachment and protect its assets

💡 Investors should remain cautious as the attachment of core utility assets by the ED represents a significant legal and financial risk. Monitor the company's legal challenges and any impact on the operational control of these key subsidiaries.

Reliance Infra Q3 Results: Auditor Resigns Amid Fraud Allegations and ₹4,748 Cr Recovery Concerns

🔴 NEGATIVE ⭐ 10/10

LEGAL 📅 31 Jan 2026, 07:53 PM

Reliance Infrastructure's Q3 FY26 results are overshadowed by the statutory auditor's decision to resign and their filing of Form ADT-4 with the MCA regarding suspected fraud. The auditors, Chaturvedi & Shah LLP, issued a disclaimer of conclusion, stating they cannot verify the recovery of ₹4,748.11 crore in economic rights and securities. The company is currently facing investigations from the ED, SFIO, and SEBI regarding fund utilization through CLE Private Limited. Additionally, several key subsidiaries, including Mumbai Metro One and GF Toll Road, are facing severe financial distress or insolvency proceedings.

Statutory auditors filed Form ADT-4 on January 19, 2026, reporting suspected fraud to the Ministry of Corporate Affairs.
Auditors issued a disclaimer of conclusion due to uncertainty over ₹4,748.11 crore in assets and ongoing regulatory probes.
M/s Chaturvedi & Shah LLP to resign as Statutory Auditors after the completion of the FY 2025-26 audit.
Ongoing investigations by Enforcement Directorate (ED), SFIO, and SEBI Show Cause Notice regarding fund diversion allegations.
Subsidiary GF Toll Road Private Limited (GFTR) has been admitted into Corporate Insolvency Resolution Process (CIRP).

💡 Investors should exercise extreme caution as the auditor's refusal to provide an opinion and allegations of fraud represent significant governance risks. The combination of regulatory investigations and insolvency at subsidiaries makes the stock highly volatile and risky.

RelInfra Auditors Resign Alleging Fraud; Rs 4,748 Cr Asset Recovery Questioned

🔴 NEGATIVE ⭐ 10/10

LEGAL 📅 31 Jan 2026, 07:40 PM

Reliance Infrastructure's statutory auditors, Chaturvedi & Shah LLP, have resigned and filed Form ADT-4 alleging suspected fraud related to fund utilization. The auditors issued a 'Disclaimer of Conclusion' on Q3 FY26 results, citing an inability to verify the recovery of Rs 4,748.11 crore in economic rights and unlisted securities. The company is currently under investigation by the Enforcement Directorate (ED), SEBI, and the Serious Fraud Investigation Office (SFIO). Furthermore, major subsidiaries like Mumbai Metro One and GF Toll Road are facing severe financial distress and insolvency proceedings.

Statutory auditors filed Form ADT-4 with MCA reporting suspected fraud in fund utilization through CLE Private Ltd.
Auditors issued a Disclaimer of Conclusion, unable to verify recovery of Rs 4,748.11 crore in economic rights and unlisted entities.
Company is facing multiple regulatory actions including a SEBI Show Cause Notice and SFIO investigation.
Audit Committee has rejected the auditor's claims as 'incorrect, invalid, and illegal,' noting the auditor served for 5 years without prior fraud reports.
Subsidiaries Mumbai Metro One and GF Toll Road (under CIRP) face significant 'going concern' uncertainties.

💡 The combination of auditor resignation, fraud allegations, and a disclaimer of conclusion represents the highest level of investment risk. Investors should exercise extreme caution as the stock faces significant regulatory and legal headwinds from SEBI, ED, and SFIO.

ED Attaches Reliance Infra's ₹1,575 Cr Stake in BSES and Mumbai Metro

🔴 NEGATIVE ⭐ 10/10

LEGAL 📅 28 Jan 2026, 09:54 PM

The Enforcement Directorate (ED) has provisionally attached Reliance Infrastructure's shareholding in key subsidiaries including BSES Yamuna Power, BSES Rajdhani Power, and Mumbai Metro One, valued at approximately ₹1,575 crore. This action is part of a larger investigation into alleged PMLA violations and bank fraud involving the Reliance Anil Ambani Group and Yes Bank. Total cumulative group attachments by the ED have now reached nearly ₹12,000 crore. The company has stated it will take legal action to protect shareholder interests following these provisional orders.

ED provisionally attached ₹1,575 crore worth of shares in BSES and Mumbai Metro One.
Cumulative group asset attachments by the ED have reached approximately ₹12,000 crore.
Investigation involves alleged diversion of public funds and bank fraud totaling over ₹40,185 crore in RCOM and related entities.
ED detected fraudulent diversion of funds through circuitous routes involving Yes Bank and Reliance Nippon Mutual Fund.
Attached assets include bank balances of ₹148 crore and receivables worth ₹143 crore from group-linked entities.

💡 Investors should exercise extreme caution as the attachment of core utility and infrastructure assets poses a significant risk to the company's valuation and operations. It is advisable to wait for legal clarity before making new commitments to the stock.

Reliance Infrastructure: Secretarial Auditor Ajay Kumar & Co. Resigns

🔵 WATCH ⭐ 4/10

MANAGEMENT 📅 27 Jan 2026, 11:57 PM

Reliance Infrastructure Limited has informed the exchanges about the resignation of its Secretarial Auditor, Ajay Kumar & Co., effective January 27, 2026. The firm cited urgent personal problems as the primary reason for their departure from the role. The outgoing auditor has explicitly confirmed that there are no other material reasons for the resignation. While secretarial audits are a compliance requirement, the resignation of an auditor often warrants a closer look at corporate governance stability.

Secretarial Auditor Ajay Kumar & Co. resigned from the position on January 27, 2026
The reason for cessation is cited as 'urgent personal problems' of the auditor
The auditor confirmed no other undisclosed reasons exist for the resignation
Disclosure submitted under Regulation 30 of SEBI (LODR) Regulations, 2015

💡 Investors should monitor for the timely appointment of a new Secretarial Auditor to ensure compliance continuity. While the reason cited is personal, any further changes in the audit or compliance team should be viewed with caution regarding governance.

Reliance Infra Auditors Resign After Filing Fraud Report with Central Government

🔴 NEGATIVE ⭐ 10/10

REGULATORY 📅 24 Jan 2026, 10:20 PM

M/s Chaturvedi & Shah LLP has resigned as the statutory auditor of Reliance Infrastructure, effective after the FY2025-26 audit. The resignation is triggered by a SEBI Show Cause Notice alleging gross irregularities, misutilization of funds, and diversion of capital to CLE Private Limited. Significantly, the auditors have filed Form ADT-4 with the Central Government, a mandatory filing when an auditor suspects fraud exceeding ₹1 crore. The company has vehemently denied the allegations, labeling the auditor's actions as illegal and part of a malicious campaign by corporate rivals.

Auditors filed Form ADT-4 on January 19, 2026, reporting suspected fraud to the Central Government under Section 143(12).
SEBI Show Cause Notice alleges intentional concealment of the relationship between the Company and CLE Private Limited.
The Audit Committee failed to provide a satisfactory response to the auditor's queries within the legal 45-day window.
Reliance Infra claims a 'malicious campaign' has already led to a market capitalization loss of over ₹15,000 crore.
The auditor will continue to serve until the completion of the statutory audit for the financial year ending March 31, 2026.

💡 Investors should exercise extreme caution as the filing of Form ADT-4 and auditor resignation over fraud allegations are severe red flags. It is advisable to wait for clarity from the SEBI investigation and the Central Government's response before making new commitments.

Reliance Infrastructure Reports Nil Requests in Special Window for Physical Share Transfers

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jan 2026, 07:52 PM

Reliance Infrastructure Limited has concluded its special window for the re-lodgement of physical share transfer requests, which was open from December 1, 2025, to January 6, 2026. The company reported that zero requests were received, processed, or approved during this period, as confirmed by its registrar, KFin Technologies. This initiative was conducted in compliance with a SEBI circular to assist shareholders with physical certificates. The company has now officially closed this special window following multiple awareness campaigns across newspapers and social media.

Zero (NIL) requests received for re-lodgement of physical share transfers during the reporting period.
The special window was active from December 1, 2025, to January 6, 2026.
Public notices were issued in Financial Express and Navshakti on August 20, October 19, and December 18, 2025.
The special window for re-lodgement is now closed effective January 6, 2026.

💡 This is a routine administrative update with no impact on the company's financial health or stock price. Investors holding physical shares should prioritize dematerialization for future liquidity.

Reliance Infrastructure to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 08:37 PM

Reliance Infrastructure Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the unaudited financial results for the quarter and nine months ending December 31, 2025. The restriction applies to all designated persons and will remain in effect until 48 hours after the results are publicly disclosed. This is a standard regulatory procedure followed by listed companies before every quarterly earnings announcement.

Trading window for designated persons to close from Thursday, January 1, 2026.
Closure pertains to the financial results for the quarter and nine months ending December 31, 2025.
Window will reopen 48 hours after the official declaration of the financial results.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine administrative filing with no direct impact on stock fundamentals; investors should wait for the actual Q3 financial results for performance assessment.

RelInfra Shareholders Approve FCCB Issuance and Enhanced Borrowing Powers

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 18 Dec 2025, 10:06 PM

Reliance Infrastructure shareholders have approved two key special resolutions via postal ballot, providing the company with significant financial flexibility. The resolution for issuing Foreign Currency Convertible Bonds (FCCBs) or other securities passed with a 97.94% majority. Additionally, the proposal to enable enhanced borrowing powers was approved with 89.43% support. However, there was notable institutional resistance to the borrowing power resolution, with 86.9% of institutional votes cast against it.

Resolution for issuance of FCCBs and other securities approved with 97.94% votes in favor.
Resolution to enable enhanced borrowing powers approved with an 89.43% majority.
Institutional investors cast 86.9% of their votes against the borrowing power resolution.
Total valid votes polled amounted to 17.68 crore across a shareholder base of 7.39 lakh.
The voting results were finalized and declared on December 18, 2025.

💡 Investors should monitor the specific terms and conversion prices of the upcoming FCCB issuance as they will determine future equity dilution. The high institutional dissent regarding borrowing powers suggests a need for caution regarding the company's long-term debt management strategy.

Reliance Infrastructure Opens Special Window for Physical Share Transfer till Jan 6, 2026

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 18 Dec 2025, 09:56 PM

Reliance Infrastructure Limited has announced a special one-time window for shareholders to re-lodge transfer requests for physical shares, following a SEBI circular dated July 02, 2025. This window is specifically for transfer requests that were filed before April 1, 2019, but were rejected, returned, or not processed. The facility is available until January 06, 2026, and all processed transfers will be issued in dematerialized form only. Shareholders must submit the required documentation to the company's Registrar and Transfer Agent, KFin Technologies Limited.

Special window for re-lodgement of physical share transfer requests is open until January 06, 2026.
Applies to transfer deeds filed before April 1, 2019, which were previously rejected or returned.
Action taken in compliance with SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97.
Shares processed under this special window will be issued exclusively in dematerialized (Demat) form.
Registrar and Transfer Agent (RTA) for the process is KFin Technologies Limited based in Hyderabad.

💡 Shareholders holding physical certificates with legacy transfer issues should contact KFin Technologies to regularize their holdings before the January 2026 deadline. For regular market investors, this is a routine administrative update with no impact on the company's financial valuation.

RELINFRA: Lien placed on bank accounts for ₹77.86 crore due to alleged FEMA violations

🔴 NEGATIVE ⭐ 7/10

LEGAL 📅 09 Dec 2025, 11:31 PM

Reliance Infrastructure Limited has announced that the Enforcement Directorate (ED) has placed a lien on the company's bank accounts for ₹77.86 crore. This action is related to alleged violations under the Foreign Exchange Management Act (FEMA). The company intends to take appropriate legal steps in response to this order. Investors should monitor the developments of this legal matter and its potential impact on the company's financials.

ED has placed a lien on RELINFRA bank accounts for ₹77.86 crore.
The lien is related to alleged violations under FEMA.
Reliance Infrastructure will take appropriate legal steps.

💡 Investors should closely monitor the progress of this legal matter and its potential financial implications for Reliance Infrastructure. Consider consulting with a financial advisor to assess the impact on your investment portfolio.

View All RELINFRA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 6.57% YoY to INR 23,999 Cr in FY25 from INR 22,519 Cr in FY24. Key segments include Power Distribution (BSES), which serves 5.3 million customers, and Roads, with an average daily toll collection of INR 2.57 Cr.

Geographic Revenue Split

The revenue is primarily domestic-focused, with the Power Distribution segment (BSES) powering 2/3rd of Delhi across an 851 sq. km. service area. The Roads segment manages 2,472 lane km across various Indian states.

Profitability Margins

Consolidated EBITDA showed a significant increase to INR 12,289 Cr in FY25, representing a 51.2% margin, compared to INR 4,832 Cr (21.4% margin) in FY24. However, standalone PAT remains negative at INR -1,930.18 Cr for FY24 and INR -1,324.05 Cr for 9MFY25.

EBITDA Margin

EBITDA margin improved dramatically to 51.2% in FY25 from 21.4% in FY24, driven by a 154% YoY increase in absolute EBITDA to INR 12,289 Cr, likely due to debt rebalancing and regulatory asset visibility.

Capital Expenditure

The company is shifting focus toward high-value growth engines including Defence manufacturing and Renewables (Solar and Battery systems). Specific planned INR Cr for future capex is not disclosed, but the strategy emphasizes disciplined capital allocation into India's $5T growth engines.

Credit Rating & Borrowing

Interest coverage ratio was -0.41 in FY24 and worsened to -0.48 in 9MFY25. The company has focused on reducing net debt, which fell 40.5% from INR 11,715 Cr in FY24 to INR 6,968 Cr in FY25.

⚙️ Operational Drivers

Raw Materials

Specific raw material names like steel or copper are not listed, but the business relies on power purchase for distribution and components for aerospace assemblies (Rafale/Falcon 2000). Ammunition and explosives are key inputs for the new defence vertical.

Import Sources

Aerospace components are sourced via JVs with French partners (Dassault, Thales). Other materials are sourced domestically for the E&C and Infrastructure segments.

Key Suppliers

Strategic partners include Dassault Aviation and Thales (France) for aerospace, and Rheinmetall (Germany) for defence systems. Specific commodity suppliers are not disclosed.

Capacity Expansion

BSES manages a peak power of ~5,700 MW. The Metro segment has an 11.4 km operational length with 5 Lakh+ daily ridership. Defence expansion includes the first Falcon 2000 Final Assembly Line outside France.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but the company is transitioning to a 'de-risked' model by eliminating group guarantees and support letters to ensure standalone financial integrity.

Manufacturing Efficiency

Metro ridership has exceeded 110 Crore since inception; Roads serve 2.85 Lakh+ average daily vehicles with a 2,472 lane km management scale.

Logistics & Distribution

Distribution is a core business via BSES, which is described as the 'perennial cash flow engine' powering 2/3rd of Delhi.

📈 Strategic Growth

Expected Growth Rate

7.80%

Growth Strategy

Growth will be achieved by pivoting to 'New Growth Engines': Defence (aerospace, ammunition, MRO), Renewables (solar/battery), and Power Distribution. The strategy involves 'Rebalancing' the capital structure to eliminate over-leverage and 'Ring-fencing' businesses to isolate financial risks.

Products & Services

Power distribution services (BSES), Toll road operations, Metro rail services, Rafale assemblies, Falcon 2000 business jets, and Ammunition/Explosives.

Brand Portfolio

Reliance Infrastructure, BSES (BRPL and BYPL), Reliance Defence, Mumbai Metro.

New Products/Services

Launch of MRO (Maintenance, Repair, and Overhaul) capability hubs and ammunition manufacturing; expected to contribute to the 'New Growth Engines' vertical.

Market Expansion

Targeting high-value niches in aerospace and defence aligned with 'Make in India' and 'Atmanirbhar Bharat' initiatives.

Market Share & Ranking

BSES is India's largest private Discom. The company is a 'focused niche leader' in the defence market dominated by state players.

Strategic Alliances

Joint Ventures with Dassault Aviation and Thales; Strategic Partnerships with Rheinmetall, DIHEL, and STV for export potential.

🌍 External Factors

Industry Trends

The industry is shifting toward renewable energy and domestic defence production. Reliance is positioning itself as a 'de-risked' platform with visible cash flows from utility assets to fund these shifts.

Competitive Landscape

Competes with major state-owned and large private players in the infrastructure and defence sectors.

Competitive Moat

Moat consists of long-term utility concessions (BSES) and high-entry-barrier defence JVs. BSES's 2/3rd market share in Delhi provides a stable, perennial cash flow engine.

Macro Economic Sensitivity

Highly sensitive to India's infrastructure spending and 'Viksit Bharat' roadmap aiming for a $5T economy.

Consumer Behavior

Increasing daily ridership in Metro (5 Lakh+) and vehicle traffic on toll roads (2.85 Lakh+) indicates strong demand for urban infra.

Geopolitical Risks

Defence segment benefits from 'Atmanirbhar Bharat' (self-reliance) policies which favor domestic manufacturing over imports.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to regulatory oversight by SEBI, ED, and SFIO regarding past actions. Power distribution is heavily regulated by electricity commissions regarding tariff and regulatory assets.

Environmental Compliance

The company is expanding into Renewables (Solar and Battery systems) to align with ESG and national sustainability goals.

Legal Contingencies

The company has over INR 10,000 Cr across 15+ arbitration claims. There are also ongoing concerns regarding actions by regulators like SEBI, ED, and SFIO.

⚠️ Risk Analysis

Key Uncertainties

Business continuity risk in E&C (high impact if new contracts aren't signed). Legal risks from weak implementation of regulatory commitments in contracts.