Hyderabad High Court allows plea about Reliance info
The petitioner alleged that the action of RIL had caused a loss to the tune of Rs 270,000 crore to the investors.
Hyderabad: The Hyderabad High Court on Tuesday granted liberty to a petitioner to move a petition questioning the action of the authorities concerned in not furnishing information sought by him on Reliance Industries Limited about its routing of funds to dummy companies for buying large quantity of its own shares in the year 2000.
A division bench comprising Acting Chief Justice Ramesh Ranganathan and Justice J. Uma Devi was dealing with a PIL by T. Gangadhar from Prakasam district in AP seeking to declare the action of the Union Ministry of Corporate Affairs and the Securities and Exchange Board of India (SEBI) in not taking action on Reliance Industries Limited for routing of its funds to dummy companies for buying large quantity of its shares in the year 2000 as illegal.
The petitioner alleged that the action of RIL had caused a loss to the tune of Rs 270,000 crore to the investors and he had lodged several complaints seeking action against the RIL in view of the SEBI report submitted to the Ministry of Corporate Affairs during the year 2009.
He informed the court that when he sought information in this regard, the Union Ministry of Corporate Affairs informed him that the concerned file was quite old and not readily available.