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| RNRL, R-Infra get more time in Sebi probe: sources |
| Press Trust of India / Mumbai Sep 03, 2010, 19:56 IST |
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Reliance Natural Resources (RNRL) and Reliance Infrastructure (R-Infra) are believed to have been given more time by market regulator Sebi in its probe into market dealings by the two ADAG companies -- a case in which the firms' top brass, including Chairman Anil Ambani, had been given a fresh chance for a personal hearing today.
The representatives of the two companies, as well as their top executives, were in touch with Sebi over the issue and were examining the documents, sources said.
No comments could be obtained from an ADAG spokesperson.
In an order last month, Sebi had sought a personal hearing on September 3, today of RNRL and R-Infra as well as five top executives -- Anil Ambani, Chairman of both the companies, R-Infra's Vice Chairman Satish Seth and directors J P Chalsani, S C Gupta and Lalit Jalan.
In the order dated August 2, the regulator had also given the two companies and the five executives another chance to respond to showcause notices sent to them by the market regulator in June in relation to the case.
As Anil and other officials of the two companies did not respond to the showcause notices sent to them by the market regulator on June 7 and another notice on July 21, Sebi gave them a fresh chance to reply to the notices by August 27 and appear before it on September 3.
The notices were issued to the companies as well as these executives "in the matters of dealings by Reliance Natural Resources and Reliance Infrastructure".
Hearing the case on August 2, a Sebi bench headed by Member M S Sahoo had noted that though the two companies had sought inspection of documents and postponement of hearing, there was no appearance on behalf of the executives.
While Sebi had earlier provided an opportunity to these executives to inspect documents, they did not avail of it, the market regulator had said.
Expressing confidence that the matter would be resolved suitably, an ADAG spokesperson had said at that time: "The matter is sub-judice. R-Infra, RNRL and the concerned individual directors will comply with the due process of Sebi."
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