SEBI to take appropriate action on Anil's missives
Wednesday, May 18 2005 17:22 Hrs (IST) - World Time - 
New Delhi:
Market Regulator SEBI (Securities and Exchange Board of India) today (May 18, 2005) said it will take appropriate action on complaints filed by RIL vice chairman and managing director Anil Ambani, who is engaged in a bitter battle with his elder brother Mukesh on ownership issues in the Reliance group.
"We have received certain letters from the company's vice chairman and managing director (Anil Ambani). We are acting on those letters... We will do whatever is necessary," SEBI chairman M Damodaran said on the sidelines of a CII annual session in New Delhi.
Spotlight: Battle of Ambanis
Damodaran said Anil's letters talk about some issues, but declined to elaborate. "We know about those issues and we know how to address those issues. We have started looking at those issues."
Asked what actions the regulator was contemplating on RIL on the basis of Anil's letters on alleged breach of corporate governance norms, he said SEBI will take "actions on whatever is merited in the circumstances of what the contents of the letter are."
Discuss this topic
Without mentioning the probe carried out simultaneously by Ministry of Company Affairs, Damodaran said "some of the issues are not actionable by us. There are other authorities who need to look into it."
"Whatever is actionable by us, we will do whatever is necessary," he added.
PTI
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