SEBI notice to Anil Ambani, ADAG execs in forex case
03 Aug 2010
Capital market regulator Securities and Exchange Board of India has asked key Anil Dhirubhai Ambani Group (ADAG) executives, including Anil Ambani, two companies that he heads and four executives belonging to the group to appear before it today for explanations over what it referred to as ''certain dealings'', without elaborating.
A release from SEBI issued late on Monday evening did not specify the charges against the officials and companies, but reports said the case relates to transactions by offshore entities in the shares of two ADAG firms - Reliance Natural Resources (RNRL) and Reliance Infrastructure.
The regulator had also issued show-cause notices to the two companies, which have responded to them. The notices were issued on 7 June, but were not in the public domain.
In addition to Ambani, chairman and managing director, Reliance Infrastructure Ltd (R-Infra) and chairman, Reliance Natural Resources Ltd, other ADAG officials who SEBI says have not responded to its earlier notices include Satish Seth, executive vice-chairman, Reliance Infrastructure; S C Gupta, director, Reliance Infrastructure; J P Chalasani, director, Reliance Infrastructure; and Lalit Jalan, whole-time director, Reliance Infrastructure.
At Monday's hearing, which was attended by Deepak Sanchety, advocate for RNRL and R-Infra, and the company secretaries of the two firms, SEBI said it was decided that the documents that the regulator has relied upon will be available for inspection up to 17 August. It also directed the executives and the companies to submit replies on the charges by 27 August.
''Though there is no request to that effect from the other six noticees, in deference to principles of natural justice, they are hereby directed, if they wish, to take inspection of the relevant documents on 17 August at 10 am, submit replies by 27 August, and appear for personal hearing at 10 am on 3 September,'' M S Sahoo, whole-time member of SEBI, said in the order.
