Market regulator Securities and Exchange Board of India (SEBI) has issued notices to two of the Anil Dhirubhai Ambani Group (ADAG) companies - Reliance Infrastructure Ltd (RInfra) and Reliance Natural Resources Ltd (RNRL) - besides its top executives including Chairman Anil Ambani, in a matter relating to stock market transactions.
SEBI has asked the companies, as also five top executives - Anil, RInfra Vice Chairman Satish Seth and other directors J.P. Chalsani, S.C. Gupta and Lalit Jalan - to appear before it for personal hearing on September 3. They have been asked to submit replies by August 27 to the showcause notices given to them in June.
"The matter is sub-judice," an ADAG spokesperson told Hindustan Times. "RInfra, RNRL and the concerned individual directors will comply with due process of SEBI, and are confident of suitable resolution of the matter, as legally advised."
The notices were issued to the companies and executives on June 7 "in the matters of dealings by RNRL and RInfra".
Hearing the case, a SEBI bench headed by Member M.S. Sahoo noted that though the two companies had sought inspection of documents and postponement of hearing, there was no appearance on behalf of other executives.