RIL gets go-ahead from SEBI on buyback programme
Monday, January 10 2005 12:01 Hrs (IST) - World Time - 
Mumbai:
Reliance Industries' programme to buy back its shares, which was decided at the December 27 Board meeting in the face of opposition from RIL' Vice Chairman Anil Ambani, has received the go-ahead from SEBI subject to certain disclosures to shareholders.
"We have directed Reliance Industries to make certain disclosures regarding their buyback programme," G N Bajpai, the Chairman of Securities and Exchange Board of India, said in Mumbai today (Jan 10, 2005).
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Bajpai's comments come even as RIL disclosed in newspaper advertisements that four companies - Reliance Polyolefins Pvt Ltd, Reliance Aromatics and Petrochemcials Pvt Ltd, Reliance Energy and Project Development Pvt Ltd and Reliance Chemicals Pvt Ltd - held 4.7 per cent equity share in RIL, headed by Mukesh, the elder of the Ambani brothers and were listed as Persons Acting in Concert (PAC).
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"It is, therefore, baseless to allege that there has been any intention of the management of RIL to divert the benefits of these assets to the promoters," RIL said in its advertisement.
The advertisement, aimed at giving a correct picture in the face of a spate of news-reports, on the day the buyback programme kicks off, said, "The economic benefits of RIL shares held by these four companies have always been for the benefit of RIL's shareholders, and remain so."
Meanwhile SEBI officials clarified that these companies disclosed, as PAC would not be participating in the buyback programme.
PTI
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