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Anil Ambani finds complaints on Rel Power IPO 'amusing'

Written by: Staff

New Delhi, Jan 6: Reliance ADAG Chairman Anil Ambani today took a dig at the alleged disinformation campaign launched against Reliance Power IPO, saying in a competitive world he found such issues ''amusing''.''It was a disinformation campaign and what was amusing was the complaints made by the Members of Parliament (MP) were drafted identically and with similar spelling mistakes,'' said Mr Ambani.

In October 2007, ADAG had moved Securities and Exchange Board of India (Sebi) against 29 individuals for carrying out a campaign against the company's IPO. The names included several individuals, ranging from members of Parliament and state legislators to those in Reliance Industries Ltd (RIL). The MPs had argued that the proposed IPO would destroy shareholder value of the parent company Reliance Energy (REL), which is a listed entity.

Mr Ambani said SEBI had not responded to the complaint filed by it, but added that the ''best reponse from SEBI is the the approval of the IPO.''


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