No ban by SEBI, settlement terms voluntary: ADAG

Posted By: Abdul Nisar
Subscribe to Oneindia News
Anil Ambani
New Delhi, Jan 15: Anil Dhirubhai Ambani Group (ADAG) officials on Saturday, Jan 15 said that Reliance Infra and Reliance Natural Resources Limited (RNRL) have settled the Securities and Exchange Board of India (SEBI) probe through voluntary terms proposed by them and the regulator did not impose any ban on the companies or their directors.

"There is no bar or ban imposed by Sebi on the company and its directors. The matter has been settled through voluntary consent proceedings, as stated in Sebi order," a Reliance Infrastructure spokesperson said in a statement.

Earlier on Friday, SEBI passed a consent order to settle a probe into alleged violation of regulations for foreign investment and unfair trade practices by Reliance Infra and RNRL.

The settlement came after paying Rs 50 crore as penalty. It was paid by the directors without any financial burden on the companies involved.

According to SEBI order, Anil Ambani, Reliance Infra Vice Chairman Satish Seth and three board directors Lalit Jalan, SC Gupta and JP Chalsani, are not allowed to invest in publicly-listed securities till Dec 2011. Also the R-Infra and RNRL cannot invest in secondary market till 2012.

OneIndia News
(with inputs from PTI)

Please Wait while comments are loading...