Govt asks SEBI for more details on RIL share allotment probe

Last Updated: Wednesday, December 23, 2009 - 14:41

New Delhi: The government has asked capital market regulator SEBI for more details of a probe into a case of alleged routing of funds by RIL to dummy companies for buying its own shares in 2000.

"We have said that this is an old case which they (SEBI)
should have apparently investigated. What is the outcome of
the investigation, we really would like to know. Tell us the
benefit of the report on the investigation in order to apply
our mind on it," Corporate Affairs Minister Salman Khurshid
told a news agency.

"We have asked if they (SEBI) have more material on it
(RIL), they can provide it to us. All I can say is it was very
inadequate material for us to act upon," he said.

SEBI, in its letter to the Corporate Affairs Ministry
earlier, had said that the matter of "irregular issue of
privately placed debenture (PPD) IV and V by RIL" are being
referred for "consideration and appropriate action."

The regulator had separately taken the opinion of retired
Supreme Court judge Justice BN Srikrishna on its probe.

"It`s not clear when it is the matter of securities,
should it not be SEBI who should look at it. Also, when
Justice Srikrishna has given his opinion, what took them six
months to refer it to us. We have sought all this clarity,"
Khurshid said.

Khurshid had, however, said that nobody would be allowed
to "dig old graves". "The regulator will do its work. If
anybody tries to exert pressure, we will not work under
pressure".

PTI



First Published: Wednesday, December 23, 2009 - 14:41

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