The Supreme Court on Friday cleared all legal hurdles in the way of the launch of Reliance Power Ltd Initial Public Offering on January 15 by issuing a blanket order that the IPO will go on despite stay orders passed by any court, tribunal or authority in the country.
A bench headed by Chief Justice K.G. Balakrishnan, which had on Wednesday stayed all proceedings pending against the company’s IPO in the Gujarat High Court, passed the order after senior counsel Harish Salve mentioned a petition challenging the proceedings pending in a Mumbai court against the company. One Ghanshyam R. Mehta had filed a civil suit, seeking injunction against the IPO and the case was to be taken up for hearing on Friday itself.
Salve expressed apprehension that several other petitions might be filed against the company in various parts of the country to stall the IPO, which is said to be the largest one so far.
The IPO of the Anil Dhirubhai Ambani Group is aimed at generating funds for 28000 MW power projects to be set up in the country.