ADAG accuses RIL of campaigning against IPO

ADAG accuses RIL of campaigning against IPO
outlookindia.com
-0001-11-30T00:00:00+0553
New Delhi, Oct 29 Anil Ambani Group has charged Mukesh Ambani-led Reliance Industries with working against it and indulging in a campaign to stall the public offer of Reliance Power, but RIL countered the allegations saying this was an attempt to 'cover up governance issues'.

ADA Group firm Reliance Energy also named over a dozen executives and associates including V Balasubramaniam, Manoj Modi, A Shankar and Deepayan Mazumdar in a complaint filed before market regulator SEBI and sought a probe. However, RIL has exuded confidence that facts will come out in the investigation.

"It is our definite information that the entire campaign of disinformation, forgeries and malicious rumours has been orchestrated at the behest of Reliance Industries.

"After the business reorganisation of Reliance group in 2005, the RIL group has been frustrated at the success of Reliance Anil Dhirubhai Ambani Group. The present campaign is part of the same effort and is being led by several of their key executives and associates," REL alleged in a letter to SEBI last week.

When contacted, RIL group President for Corporate Communications Paresh Chaudhry told PTI: "We are more amused than shocked over the frivolous allegations. It is an obvious malicious attempt to cover up significant governance issues." Chaudhary said, "nobody at RIL is either involved or interested in any of the issues raised. I am sure that the concerned regulatory authority would investigate and the facts would be reported accurately."

Immediately after filing the complaint, ADA Group had said a formal complaint has been filed with SEBI to investigate the disinformation campaign launched against Reliance Power IPO and "the suspects have been named". PTI
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