New Delhi: CPM (Communist Party Marxist) today (Dec 10, 2004) said market regulator should take a "close look" at Reliance Industries due to the sharp differences between the two Ambani brothers, as most of its market capitalisation worth over Rs 1 lakh crore belonged to the small investors.

"Their market capitalisation is worth over Rs 1 lakh crore and most of it is invested by small investors. Given the serious differences (between the two brothers), it is very important for the regulators and financial institutions to take a more closer look at what is happening within the family," CPM leader Nilotpal Basu told reporters in New Delhi.

Referring to his earlier demand for dismissal of TRAI chief Pradeep Baijal for an alleged mega scam by private telecom operators for non-payment of dues worth over Rs 2000 crore to State-owned BSNL, Basu said he would take up the issue with Prime Minister Manmohan Singh next week.

"Government must sack TRAI chairman Baijal immediately and ask TRAI to go for full fledged investigation into the matter," he said.

TRAI, he said, had given the "alibi" that it did not have enough powers to carry out a probe. "If this is so, Government can use its powers and ask TRAI to initiate a probe."

He said the Department of Telecom (DoT) had also "abdicated its responsibility" by not asking TRAI to start an enquiry and added that "the way TRAI is dealing with the issue is indicative of criminal complicity".