SC clears way for Reliance Power IPO

New Delhi, Jan 9 (UNI) The Supreme Court today cleared the decks for the launch of mega public issue by Reliance Power Ltd, headed by Anil Ambani, on January 15.

A bench comprising Chief Justice K G Balakrishnan and Justices R V Raveendran and J M Panchal stayed till further orders the proceedings pending before the Gujarat High Court.

The apex court also issued notices to the Rajkot Zila Grahak Suraksha Manch on a petition seeking the transfer of the writ petition pending in the Bombay and Gujarat High Courts to the Supreme Court.

According to the petitioner, Reliance Power IPO (Initial Public Offering) is the largest issue being launched in the country to generate funds for generation of 28,000 MW of power.

The petitioner also contended that the petitioners in High Court have no locus standii in the matter as they are not the investors in the fund but are part of a vicious and malicious campaign to somehow stall the IPO.

The petitioner also claimed that crores of application forms have already been distributed across the country to millions of investors and the IPO has already been presented to hundreds of institutional investors across the globe. Their petitions have already been rejected by the Bombay High Court, SEBI and the ministry concerned and the IPO has been cleared by SEBI after intense scrutiny of three months, the petition contended.

UNI AKS/SC DS RP GC1534