The Bombay High Court on November 1st , refused to intervene in a matter alleging fraud of more than Rs 9000 crore being committed by Anil Dhirubhai Ambani Group in the proposed IPO of their group company, Reliance Power Ltd. and disposed of the petition with direction to the Securities and Exchange Board of India(SEBI) to decide the concerned complaint as expeditiously as possible.
An investors association, Rajkot Shahar/Jilla Grahak Suraksha Mandal, had filed the Public Interest Litigation alleging that the promoters of Reliance Power Ltd. had tried to subvert SEBI rules to evade more than Rs 9254 crore required to be invested by them towards promoters contribution under SEBI norms.
When the matter came up before a division bench comprising Chief Justice Swatanter Kumar and Justice D Y Chandrachud, Mr K T S Tulsi, appearing for the petitioners, said that generally complaints are made after something happened and investigations are conducted after the frauds are comitted. In this case, the petitioners have pointed out an alleged fraud when it was being comitted.
Before he could further his averments, the court pointed out that the petitioner association had filed complaints with SEBI on October 18 and with the Company Law Board on the next day and said that there was no reason to believe that SEBI would not act on their representations. Upon which the Senior Counsel urged that SEBI be restrained from scheduling the IPO for at least two weeks after their representation was decided. But the court turned him down and simply directed SEBI to decide the complaint filed by the petitioner association expeditiously and disposed of the petition.
Counsel for the Reliance Energy questioned the motive behind the filing of the petition, saying that the second and third petitioners Pradip Nambiar and Bhupendra Singh, respectively, had became shareholders of the company only while filing the complaints.
4 comments:
There is no fraud in the finances regarding anils upcoming IPO. I guess that these are all false plots being seeded by anils competitors to tarnish his name and to create hurdles for his upcoming IPO.
Seems like a big planned strategy to defame Anil Ambani... seems like a lot of research and analysis has been done while plotting this rumour but they cannot fool ardent investors. I personally, am not going to back out, of the decision to invest in the IPO.
I agree with the above posts that these are all rumours seeded by RELs competitors.
Why is it that such reports are on the internet and across other media. i believe that this is just a way prospective investors of IPO to be led astray and i strongly believe that these reports are all false
There are rumours .. and then there is also "no smoke without fire" .. but the facts cannot be twisted ..
Fact: REL owns the License for DTH .. but all press releases on DTH seem to indicate that Rel Comm is the one doing this .. why ?
Fact: Despite all its tall claims REL has not been able to add 1 MW of generation in the last 10 years. Why ?
Fact: REL has not signed a power purchase agreement with tata or even Dahanu, despite MERC asking it to. Why?
Fact: Chairman of MERC, Dr. Pramod Deo, was a Director of BSES (which REL tookover), and everyne seems to be ignoring this. Why?
Fact: REL is continuosly making profits, yet it keep raising the electricity tariff, citing reasons of rise in costs. Why?
Scratch the surface and all will become clear :)
See the posts at http://groups.yahoo.com/group/bijlee
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