HYDERABAD: The Hyderabad High Court on Tuesday directed the Union ministry of corporate affairs, the Securities and Exchange Board of India (Sebi), Reliance Industries Ltd. (RIL), its chairman and managing director to file their affidavits on a petition questioning the action of the authorities concerned in not furnishing the information as sought on the RIL for routing of funds to dummy companies for buying large quantity of its shares in 2000.
A division bench was dealing with a petition by T. Gangadhar from Prakasam district in AP seeking to declare the action of the Union ministry of corporate affairs and the Sebi in not taking action on the RIL for routing of funds to dummy companies for buying large quantity of its shares as illegal.
M. Srikanth, counsel for the petitioner, told the court when the petitioner sought the information in this regard that the Union ministry of corporate affairs had informed him that the file concerned is quite old and not readily available. He alleged that the action of the RIL has caused loss to the tune of Rs 2,70,000 crore to the investors and he had lodged several complaints seeking action against the RIL.
