Financial Daily from THE HINDU group of publications
Sunday, May 08, 2005
Financial Daily from THE HINDU group of publications Sunday, May 08, 2005 |
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Corporate
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Corporate Disputes SEBI looking into letters sent by Anil Ambani Our Bureau
The Secuirites and Exchange Board of India Chairman, Mr M. Damodaran, at a seminar on ` Disclosure Requirements' along with the Assocham President, Mr M.K. Sanghi, and Assocham Alternate President, Mr Anil K. Agarwal, in the Capital on Saturday. — Kamal Narang
New Delhi , May 7 THE Securities and Exchange Board of India (SEBI) on Saturday said it had received several letters from Reliance Industries' Vice-Chairman and Managing Director, Mr Anil Ambani, and would look into all the issues in the "broader interest of investors". "Anil has sent several letters... we are doing everything that is needed to protect the interest of investors," the SEBI Chief, Mr M. Damodaran, told newspersons here when asked if Mr Ambani had lodged any formal complaint about corporate governance and disclosure in the Group during his meeting with the regulator two days ago. Mr Ambani had met the SEBI Chief for almost an hour on Thursday. Though not commenting on the content of Mr Ambani's letters to SEBI, Mr Damodaran said the officials concerned were reading and looking into these. "I am concerned with broader policy issues. Everything will be put in the public domain," he said. When further asked if the Board was examining these communications, Mr Damodaran said, "Whatever is within our regulatory framework, we will do". Mr Damodaran, who was speaking on the sidelines of an Assocham seminar on ``Disclosure Requirements'' here, declined to get into "specific details about any company" when asked as to what SEBI would do in the case of a Managing Director of a company not signing its financial accounts. About the question mark put by Mr Ambani on independence of Independent Directors on the Reliance Industries board, he said the regulator could not get into what directors say at the board meetings. "If there is some dissatisfaction regarding the manner in which a director functions, I am sure questions will be raised when that person's term comes up for re-election," he said.
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