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R-ADAG, in its application, also expressed apprehension that the “vested interest” could be funding the NGO’s campaign against the Reliance Power IPO. “Who is providing funds to this organisation for launching a sustained campaign against the IPO? They have engaged top legal experts and are after the IPO for the past three months. It is a matter of investigation and we have sought SEBI’s intervention in this regard,” he said.
In its communication to SEBI, the company has said that the NGO should be derecognised as it is working against investors’ interests. “There are reports that investors all over the country are looking forward for this IPO. SEBI has already approved the proposal. Trying to block an opportunity is against the interest of investors,” he said.
The NGO had made a representation against the IPO to SEBI. The regulator then constituted a two-member committee comprising members TC Nair and VK Chopra. After hearing both the parties, the committee on December 27 rejected the contention of the NGO.
On Wednesday, the apex court stayed proceedings in the Gujarat High Court against Reliance Power’s IPO. A bench headed by Chief Justice KG Balakrishnan stayed the hearing on a PIL seeking direction to restrain the company from coming out with its IPO.
The court passed the order on the plea from Anil Ambani-promoted Reliance Power and Reliance Energy. It said that the petition is intended to scuttle the country’s largest IPO, which is being issued to set up projects of national priority involving generation of 28,000 MW of power.
Courtesy By : Economic Times
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