MCA not to volunteer action on Reliance Group
Wednesday, December 15 2004 21:18 Hrs (IST) - World Time
New Delhi:
The Ministry of Company Affairs said today (Dec 15, 2004) it will not take suo motu cognisance of the alleged flouting of corporate governance norms by the Reliance group.
"There is no point in disturbing such a big industrial house which has created wealth for millions of its shareholders as well as huge infrastructure for the country," Company Affairs Minister Prem Chand Gupta told mediapersons on the sidelines of the ICSI award presentation function in New Delhi.
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Gupta said SEBI (Security and Exchange Board of India) had taken a step as per listing agreement of the group, which is not under the jurisdiction of his Ministry.
He said unless the Ministry receives specific complaints against Reliance, it would not initiate any steps against the group.
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"What is the point if we appoint certain babus to monitor the affairs of the group. What will such an action yield?" he said.
The Minister also urged the press to stop the "media trial" of the group. "There are bickering in many a households in the country. Will media report that as well," he asked.
PTI
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