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SEBI silent on Reliance settlement

June 18, 2005 13:43 IST
Last Updated: June 18, 2005 14:51 IST

Market regulator Securities and Exchange Board of India on Saturday maintained a strict silence over the settlement reached between the Ambani brothers over the ownership issues of Reliance empire, ending perhaps the longest and fiercest battle in corporate India.

"I don't comment on individual companies," M Damodaran, Sebi chairman told PTI when asked for his reaction to the Ambani brothers' battle which saw group companies' shares fluctuating sharply, giving tight moments to over three million shareholders.

"I don't want to comment on record or off-record. I have maintained right from beginning that SEBI will not comment on any particular company," he said. Damodaran also declined to take other questions relating to the group.

SEBI chief had said last month that Anil Ambani had met him for over an hour and sent a number of communications to the regulator as well as company affairs ministry raising issues about the Reliance group companies.

At that time he also said that SEBI was looking into the issues raised by Anil as vice-chairman and managing director of RIL and "appropriate action" would be taken in the interests of shareholders.

In the midst of fight with his elder brother Mukesh, Anil had raised number of issues relating to corporate governance and insider trading in the RIL.

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