ADAG blames rivals, bear cartel for stock plunge

"It has been explained to ICAI that this policy, voluntarily adopted by Reliance Infra, is recommended by theMinistry of Corporate Affairs. This policy is also entirely inline with international best practice," Doshi added.

"We are surprised at the distorted reporting in a sectionof the media, attributing certain observations to the ICAI.

Reliance Infra has not received any queries from ICAI on itsaccounts for any year," he said.

"Reliance Infra intends to take the strongest legal actionagainst any irresponsible and defamatory media reports onthese and related matter," Doshi warned.

He said that Reliance Infra would continue to co-operatewith ICAI and respond to any queries, if and when raised.

"At the same time, we would urge discretion to bemaintained by a professional body like ICAI, especially inrelation to price sensitive comments and observations to themedia," he added.

Following the debacle on the bourses, the group hadissued a statement yesterday also and alleged that "a seriesof completely baseless and motivated rumours have been spreadtoday by our unscrupulous corporate rivals."

"This (rumour-mongering by rivals) has been accompaniedby vicious and illegal bear-hammering of our listed stocks tocreate panic and destabilise the markets," the group had said.

"We have made a formal complaint to SEBI and the stockexchanges to immediately investigate these illegal trades andtake appropriate action to safeguard the interests of our over11 million investors," it added.