Ambani says can buy companies if needed
Anil Ambani said today neither he nor his Reliance Infra and Reliance Natural Resources units had any current plans to buy companies but added they could do so through an open offer if needed.business Updated: Jan 16, 2011 15:39 IST
Anil Ambani said on Sunday neither he nor his Reliance Infra and Reliance Natural Resources units had any current plans to buy companies but added they could do so through an open offer if needed.
The comments came two days after India's capital markets regulator barred Ambani from investing in secondary market-listed securities until the end of 2011, and barred Reliance Infrastructure and Reliance Natural Resources, since merged into Reliance Power, from such investments until the end of 2012.
The regulator had said its investigations found Ambani's two companies were "responsible for misrepresenting the nature of investments in 'yield management certificates/deposits' and the profits and losses thereof," in their annual reports for the years ending in March 2007, 2008 and 2009.
"This is a learning process," Ambani, ranked as the world's 36th richest man by Forbes in 2010, said when asked if there had been an error of judgment or mistake on his and the group's part.
"In spite of checks and balances, this is an evolution," Ambani, who leads the Anil Dhirubhai Ambani Group conglomerate, said.
The Securities and Exchange Board of India (SEBI) on Friday also barred four other directors in Reliance Infrastructure from stock investments until December.
"Both companies retain full financial flexibility and growth prospects are on track," Ambani, one of India's most influential businessman, told reporters.
Ambani declined to discuss the charges or the terms of the consent order reached with SEBI.