Reliance Power has called upon the Board of Securities and Exchange of India (Sebi) to suspend the Edelweiss financial services organization based in Mumbai from the market of the commodities market.
The letter is strong with the date of February 6. It asks the administrator to remove "stop" management from a & # 39; getting involved in "market misuse", which said that his / her price was & # 39; up 57 per cent in two days.
He asks Sebi to investigate this disruption to the Reliance group (Anil Ambani) groups, "including the examination of the handling rooms, including telephone and SMS records of everyone at the pride groups where most of the sales transactions were held, and the relevant property streams ".
The shares of Anil Ambani's company companies dropped after the news that a restructuring plan was suspended, and which would include a # 39; sold his telecom armies, RCom, after there was no consensus on a contract between the different banks in a committee of belief.
The letter says that Edelweiss "has expressed large sales orders significantly below the market and market share, thus making a significant contribution to the downward movement in the last priced price ". That sale was "applied not only in the money but also in the derivative sections in an unlawful way". Continue to "reduce the price of the Reliance Power" sections.
There are 3.1 million shareholders and debts over £ 30 crore on R-Power. The deputies on the loans were erected by committing their apportionment in the # 39; company, and one of them was brought to the Edelweiss group.
Edelweiss and L & T Finance of promising shares. Most of the sales made. The two lenders have rejected any wrong and are planning to go to Sebi to clarify the situation.
In her letter, R-Power says there was no more than the "deficit of its summary and some of the loan contracts". However, Edelweiss's eunuch "was committed to implementing the Power of Reliance and put the same in the market".
A responsible group spokesperson, when asked about the letter, said: "As agreed by the boards of a number of group companies, we will take every legal step that we need to protect the interests of our stakeholders and strengthening, and including doing it by an appropriate regulator ".
Attractive sales comparisons are similar to credited shares by lenders, the letter states that "a similar breach and unreasonable behavior on other corporate homes, including Essel, Suzlon group, IRB Infrastructure, etc. ".
The letter also provides legal analysis to strengthen its opinion. It includes "uncommon trading practices under the control of one explanation, instead, a case-based case must be judged". Also, "in general, the use of unfair trade if the behavior impedes ethical levels and good faith between parties involved in business affairs".