Financial Daily from THE HINDU group of publications
Thursday, Dec 01, 2005
Financial Daily from THE HINDU group of publications Thursday, Dec 01, 2005 |
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Shareholder Activism Corporate - Restructuring Markets - Regulatory Bodies & Rulings Reliance moves down on SEBI enquiry buzz Our Bureau
Mumbai , Nov. 30 THE share price of Reliance Industries fell nearly two per cent to Rs 832.90 on Wednesday even as reports of SEBI (Securities and Exchange Board of India) seeking details of the de-merger of group business began doing rounds in the market. A TV channel reported during the day that SEBI had sought details on the issue from Reliance Industries (RIL). Brokers, however, said RIL shares lost ground as the overall market fell on profit booking. It is understood that SEBI had written letters to the Ambani brothers about a month ago, asking whether information on the proposed de-merger was known to anyone before the company announced it to shareholders. It also sought to know whether anybody made public the information before the company made the public announcement. When contacted, both Reliance and SEBI officials declined to comment. Meanwhile, the issue will come up before the Bombay High Court on Friday, a week after the court had adjourned the hearing as a shareholder had challenged the demerger scheme.
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