Rajkot body may move court on Reliance Power IPO

The body, which has moved SEBI and SAT complaining against Reliance Power's initial public offering, is now planning to move the SC, reports Suman Layak.

The Rajkot Sahar/Jilla Grahak Surkasha Mandal, which had moved the Securities and Exchanges Board of India (SEBI) and the Securities Appellate Tribunal (SAT) complaining against Reliance Power's initial public offering, is now planning to move the Supreme Court.

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After the market regulator allowed the IPO with minor modifications, the association had filed an appeal at the SAT, which adjourned the case for January 14 after hearing it on Friday. The IPO opens on January 15.

Ramjibhai Mavani, the head of the mandal, told

Hindustan Times

: "I am reaching Delhi tomorrow. We will try to move the Supreme Court to stop all proceedings on this case." He said that January 14 would be too late to hear the case since the IPO opens on January 15." A Reliance Power spokesperson refused to comment on the matter.

Meanwhile, the Mumbai-based Reliance Energy Shareholder's Association has questioned the right of the Rajkot association to file the petitions. It said that the petitioners held very few shares in Reliance Energy at the time of filing these petitions.