REL investors are offended by ADAG statement: REL Investors
Dev Ghosh
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Today ADAG directly charged Mukesh Ambani led Reliance Industries with working against it and indulging in a campaign to stall the public offer of Reliance Power, according to PTI story. But RIL countered the allegations saying this was an attempt to ‘cover up governance issues’.
In a statement to media, Mr. Veekay Arora, Spokesperson, REL Investor’s Forum said "REL Investors who due to the legacy of SH Dhirubhai are also RIL investors have found the statement made by ADAG to PTI malicious and misleading. It is to be dismissed offhand. However the investors also are offended by the attempt of ADA to denigrate the name and legacy of the great Dhirubhai and his elder son Mukesh Ambani who have a flawless track record of creating real wealth and assets for the country and the shareholders.”
Veekay further said that instead of focusing on surreptitiously pocketing the wealth of the small shareholders by financial jugglery ADAG should instead focus on trying to implement at least 1 MW of power project that he has failed to do so up to now, rather than only his personal paper wealth generation capacity. He only needs to look at the stellar example of Reliance Petroleum IPO and how it has benefited all the shareholders.
This denigration is to distract the investors from his real motive of pocketing a large chunk of equity at throw away prices. Again he needs to look at his elder brother who gave up over billions of dollars of his own equity in Infocomm in the largest sacrifice in corporate history for the benefit of ordinary shareholders. Instead he continues to manipulate the media and the regulators who are playing to his tunes.
Those who do not agree with him are served legal notices and intimidated.
Veekay has already written an open letter to the independent directors of Reliance Energy and appealed to protect the interest of REL existing investors.
RIL group President for Corporate Communications Paresh Chaudhry told PTI "We are more amused than shocked over the frivolous allegations. It is an obvious malicious attempt to cover up significant governance issues."
Released on: Oct 31, 2007
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