In a fresh twist to the ongoing battle over control of the Reliance Industries group, the government Thursday asked for a probe into the issues raised by vice chairman Anil Ambani.
"We have asked the Registrar of Companies to give a notice to Reliance," Company Affairs Secretary Komal Anand told reporters here, without spelling out under which rule the notice was served on one of India's largest private firms.
The registrar is expected to give the government a report in a week, she said on the margins of a seminar on competition here.
In a similar development, markets watchdog Securities and Exchange Board of India (SEBI) had said Wednesday it was looking into issues of corporate governance raised by Anil Ambani, adding that appropriate action would be taken soon.
SEBI managing director M. Damodaran had told reporters here that the regulator had received letters from Anil, who is locked in an ownership slugfest with elder brother and chairman Mukesh Ambani.
"We are looking into the letters and we will do whatever is necessary," he told reporters on the sidelines of a business meet organised by the Confederation of Indian Industry (CII) here.
Anil had reportedly written to stock exchanges and the capital market watchdog last month, alleging violation of disclosure norms regarding his departure from a group company India Petrochemicals Ltd (IPCL).
The younger Ambani sibling had urged the authorities to look into the issue of his exit from IPCL. Anil had resigned from the post of vice chairman of IPCL in January.
Company Affairs Minister P.C. Gupta had also confirmed earlier this week that his ministry was in receipt of letters from Anil Ambani. "The government has to do its job. We are concerned with all developments."
At a board meeting of Reliance Industries last month, Anil had declined to sign the financial accounts and made his concerns public prior to the meeting.
--Indo-Asian News Service
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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