Market has ignored developments in Reliance: SEBI
Thursday, January 6 2005 20:49 Hrs (IST) - World Time - 
New Delhi:
Securities and Exchange Board of India (SEBI) today (Jan 6, 2005) said market has ignored the events in the country's largest industrial house Reliance, which is witnessing a bitter war between the two brothers Mukesh and Anil Ambani.
Speaking to reporters on the sidelines of IRADe-IIEF conference in New Delhi, SEBI Chairman G N Bajpai said the market has "ignored" developments in the Rs 90,000 crore Reliance group.
Despite the Reliance ownership saga, Sensex touched an all-time high of 6,600 points last week.
Although SEBI was keeping a vigil on the RIL group, Bajpai declined to give details of the probe that the market regulator was undertaking.
Spotlight: Battle of Ambanis -- Will they stick or split?
SEBI started looking into the Reliance affair after the feud between two brothers came into open, particularly when Anil questioned the intentions behind the buyback of shares by Reliance Industries Ltd, headed by Mukesh, barely minutes before the board of the flagship company met on December 27 to consider the proposal.
However, the Board rallied behind Mukesh and passed the buyback proposal fixing a price of Rs 570 a share and approved a provision of Rs 2,990 crore for the purpose.
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The two brothers have since been trading charges through their spokesperson in the name of protecting the shareholders.
PTI
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