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Wednesday, Jul 24, 2002

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Laws complied with on ALBM, says Reliance

Our Bureau

NEW DELHI, July 23

RELIANCE Industries Ltd today said that all its automatic lending and borrowing mechanism (ALBM) transactions have been conducted in full compliance of all applicable laws, rules and regulations and that the Joint Parliamentary Committee has not made any adverse comment in this regard.

According to a Reliance spokesperson, based on copies of the draft report forwarded to the company by the media, the unequivocal factual position is that the JPC draft report does not contain a single comment alleging any irregularity or violation on the part of Reliance, much less laying any blame or pulling up the company.

The JPC had made certain comments on SEBI's role in this matter but Reliance was not concerned with the same, the company said in a release.

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