Sebi bars Anil Ambani from stock investing!Two Ambani groups seek settlement with Sebi on separate probes!Reliance Infra, RNRL cannot invest in publicly traded companies until 2012: SEBI,SEBI alerts investors about risky market!
Troubled Galaxy Destroyed Dreams, Chapter 577
Palash Biswas
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Sebi bars Anil Ambani from stock investing!SEBI alerts investors about risky market
Anil Ambani group companies Reliance Infra and RNRL today settled a Sebi probe into possible violation of securities market norms by them for a collective settlement charge of Rs 50 crore.
In a consent order passed today, the Securities and Exchange Board of India (Sebi) said that it has agreed to settle the case after the two companies agreed to its certain terms and conditions, including the payment of settlement charges.
The case relates to a probe by Sebi in dealings in the shares of another Anil Ambani group firm Reliance Communications and investigations related to alleged violation of foreign investment norms.
As per the conditions of the settlement, the two companies would not be able to invest in any listed shares in the secondary market, other than mutual funds, until December 2012 and the individuals named in the case, which includes chairman Anil Ambani, can not invest in secondary market untill December 2011.
However, this condition will not apply to primary market issuances, buybacks and open offers.
15 JAN, 2011, 06.50PM IST,ET BUREAU
Indian Oil Corp , the nation's largest fuel retailer, will raise petrol prices by Rs 2.50 per litre with effect from midnight tonight, while Hindustan Petroleum Corp Ltd (HPCL) would hike rates by Rs 2.54 a litre, an industry official said.
Bharat Petroleum Corp, the third state fuel retailer, would raise price by Rs 2.53 per litre with effect from midnight tonight.
The three firms from on December 15-16 raised petrol prices by Rs 2.94-2.96 per litre, the biggest hike in six months.
Petrol at IOC outlets in Delhi now costs 55.87 per litre and from tomorrow it will be priced at Rs 58.37 a litre.
The fuel at HPCL and BPCL pumps would be sold at Rs 58.39 per litre from tomorrow.
Petrol at HPCL pumps at present costs Rs 55.85 per litre while it is priced at Rs 55.86 a litre at BPCL fuel bunks.
The official said the increase follows international crude oil prices climbing to USD 92 per barrel.
The state-run retailers are deliberately adopting marginally different rates to avoid being accused of acting as a cartel in the free market.
The government had freed petrol prices in June this year, but the state firms, which control 98 per cent of the retail market, continue to informally consult the oil ministry before revising prices.
15 JAN, 2011, 12.21AM IST, ANURADHA KANWAR,ET BUREAU
ONGC, a disgruntled 30% partner in Cairn's main oilfield in Rajasthan, had declared that the $9.6 billion deal cannot be completed without its approval and that it had pre-emptive rights. It informed the stock exchange on October 21 that it had asked Cairn to furnish details of "The proposed buyer's financial strength, technical capability and past experience in the field of oil and gas".Cairn executives had maintained that a change in the majority share holder would in no way diminish the competence of the local staff which had developed the field and pump 1,25,000 barrels per day, making it the country's biggest onshore find. Petroleum Minister Deora shares this view.
"The same people will continue, they already met us, the scientists and the managers run the company, we are not worried about all this," Deora told ET Now, this newspaper's sister television channel.
Officials have also said that the oil ministry had urged Cairn to withdraw its arbitration proceeding challenging its liability to pay cess for oil produced from the Rajasthan block . Cairn is paying "under protest" its share of cess at Rs 2,500 per tonne. "This is a matter pending for a long time, we will be happy in case this is settled," Deora said when asked about the arbitration case in context of the Cairn-Vedanta deal.
ONGC, which is contractually bound to pay Cairn's share of royalty in the field, had hoped that if Cairn and Vedanta are brought to the negotiating table by the government, the state-run company would also seek a review of the royalty agreement.
Under the production sharing contract, ONGC was granted its 30% stake in the block free of cost, while Cairn was exempted from royalty - one of the incentives the government had offered to lure private capital into exploration.
Cairn had also said it did not need approval of either the oil ministry or ONGC for the deal as this was not a requirement under its contract. The block was given to Cairn before India launched its new exploration licensing policy, which clearly spelt out such a requirement. The oil ministry refused to consider the deal until Cairn formally applied for approval for transfer of all the blocks it controlled. Last week, Vedanta Resources chairman wrote to prime minister Manmohan Singh seeking his intervention to speed up matters.
The prime minister's office directed to petroleum ministry to take a decision on the merits of the case by the end of January.
The oil ministry finally got moving and decided to consider the deal independent of ONGC's concerns about royalty. ONGC is directly controlled by the oil ministry, and some officials say it's statements about the controversial deal would have had the tacit approval of the government.
Officials say that the government would consider ONGC's request for a lower royalty burden independent of the Cairn-Vedanta deal.
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Commenting on the Sebi order, a Reliance Infrastructure spokesperson said: "Reliance Infra has voluntarily settled SEBI show-cause proceedings of June 2010 against the company and its directors.
"In accordance with SEBI consent mechanism, the settlement is without admission or denial of guilt. Settlement made in interests of investors to pre-empt unnecessary and time-consuming litigation."
The company said that their directors have voluntarily made payment of entire settlement fees, with no burden on Reliance Infra, and added the settlement maintains full financial flexibility of the company to implement its growth projects.
As per the order, the two companies would also have to implement a policy of rotating their statutory auditors and, therefore, the auditors as on March 2010 cannot be reappointed for a period of three years commencing from 2010-11.
Sources said that the companies have already implemented the rotation of auditors policy as in accordance with risk management best practices.
The companies voluntarily offered to not make investments in secondary market to conserve resources for investment in own substantial projects, and will not impact growth prospects in any manner, the sources close to the development said.
AGARTALA: Capital market regulator Securities and Exchange Board of India (SEBI) Friday asked investors to remain alert about the risky market.
"The SEBI has toughened its actions and is intensifying surveillance over the capital market to check fraudulent and illegal acts," SEBI chairman C.B. Bhave said while addressing a national seminar on investors protection.
"As part of its intensified measures, SEBI has collected fines of Rs.150 million in 13 years (1995-2008) and Rs.1 billion during the past two years (2008-2010) from those companies and capital market violators."
According to the SEBI chief, people in many cases fall into the trap of hefty returns in quick succession from their investments in the capital markets or unauthorised financial institutions.
"As part of systematic solutions and enforcement, SEBI with the empowerment to regulate the capital market has been gradually changing its mechanism and functioning."
There are multiple agencies and numerous acts to deal with the fraudulent and illegitimate acts of business in the capital market, he stated.
Bhave said: "ASBA (application supported by blocked amounts) is a process developed by the SEBI for applying to IPO. In ASBA, an IPO applicant's account doesn't get debited until shares are allotted to him."
In what could be a coincidence, the two Ambani groups have separately approached SEBI for settlement of probes by the regulator in two separate cases of alleged violation of trading regulations.
A settlement order is likely to be passed soon by Sebi in its probe related to Anil Ambani group firms, Reliance Infrastructure and erstwhile RNRL (which has now merged with Reliance Power), sources said.
When contacted, an Anil Ambani group spokesperson declined to comment on the matter.
On the other hand, elder brother Mukesh Ambani-ledReliance Industries group has approached Sebi for the third time for a settlement in the probe involving alleged violation of insider trading norms way back in 2007 in the dealings of shares of now-delisted subsidiary Reliance Petroleum (RPL).
Queries made to an RIL spokesperson were unanswered. RIL's consent to the settlement appeal in this case has previously been turned down twice as Sebi did not agree to consent fee that was offered to settle the case, sources said.
The last two appeals were made by RIL in August 2010 and November 2009. Sebi is said to have assessed the illegal gains from the alleged insider trading at over Rs 500 crore and had found the offered consent fee very less in those appeals.
It could not be ascertained as how much Mukesh Ambani group offered to pay as consent fees in its latest appeal.
Interestingly, the probes related to both the groups are regarding transactions that occurred way back in 2007 and investigations were initiated by the Sebi in both cases on the basis of anonymous complaints.
SEBI had begun quasi-judicial proceedings against RIL after it found violations in insider trading regulations pursuant to its investigation in the trading pattern in the RPL stock for the period between November 1-29, 2007.
A subsidiary of RIL, RPL was merged with the parent in 2009 and subsequently delisted from the stock market.
Sebi first issued show-cause notices to RIL in this matter in May 2009, while the initial probe began in early 2008.
The other case involves a probe into certain market "dealings" by the two Anil Ambani group companies -- Reliance Infrastructure and Reliance Natural Resources .
In this case, R-Infra, RNRL, along with some top group executives including Chairman Anil Ambani, were issued notices several times in the second half of 2010 to appear for personal hearing before the SEBI.
While SEBI, in its notice did not clarify what "dealings" by RNRL and R-Infra it was probing into, various agencies, including Enforcement Directorate , have been investigating alleged irregularities in overseas debt instrument transactions by the two companies way back in 2007.
Anirudh Laskar & Aveek Datta reports in MINT:
Mumbai: The capital market regulator, Securities and Exchange Board of India (Sebi), on Friday, barred Anil Ambani and four other officials of Reliance Group—till recently known as the Reliance-Anil Dhirubhai Ambani Group (R-Adag)—companies from investing in listed shares until December 2011.
Two group firms, Reliance Infrastructure Ltd (R-Infra) and Reliance Natural Resources Ltd (RNRL), too, have been barred from making such investment till December 2012.
Sebi, however, has not banned any entity from dealing in mutual funds, primary issues, buybacks and open offers.
The directives are part of a consent order to settle a case that began in June 2010 when Sebi issued show-cause notices to these firms and five executives, including Ambani, for allegedly routing money raised through overseas bonds to the stock market in 2007.
Sebi had asked R-Infra, RNRL, Ambani (chairman of RNRL and chairman and managing director of R-Infra), and four executives—Satish Seth, vice-chairman of R-Infra; and S.C. Gupta, J.P. Chalasani and Lalit Jalan, directors of R-Infra —for explanations over the alleged violation of overseas debt norms.
On Friday, the case was settled for Rs50 crore, the highest consent fee paid for any case related to any corporate group.
The regulator also ordered the two companies to implement a policy of rotation of the statutory auditors and directed them not to re-appoint the auditors (as of March 2010) for a period of three years, beginning the fiscal 2011.
Consent orders settle administrative or civil proceedings between the regulator and a person (party), who may prima facie be found to have violated securities laws. Such an order may or may not determine that a violation has occurred.
"Conditions in the consent orders, in addition to payment of monies, such as restriction on trading in the secondary market serve as a deterrent and make the consent order regime more effective. This would help in avoiding misuse of the consent order process," said Vyapak Desai, head (international litigation and arbitration practice) at law firm Nishith Desai Associates.
While Sebi's order will only restrain the entities from buying listed shares, an official at one of the group firms said none of the entities mentioned in the order has, in any case, bought any listed share in the secondary market in the past few years.
Full Text | Sebi consent order
RNRL recently got merged with Reliance Power Ltd (R-Power), and it is not clear whether the order will cover R-Power as well.
"Some of the businesses of RNRL have been demerged with R-Power and shares of RNRL have been delisted. But RNRL and R-Power continue to remain as two separate entities even today. So, the order will not affect the operations of R-Power in anyway," the official said. He declined to be named.
An R-Infra spokesman said: "Reliance Infra has voluntarily settled Sebi show-cause proceedings of June 2010 against the company and its directors... The settlement (was) made in interests of investors to pre-empt unnecessary and time-consuming litigation."
"Voluntary decision to not make investments in listed securities in the secondary market (till next year by the company, and this year by the directors) was to conserve resources for investment in own substantial projects, and will not impact growth prospects in any manner," said the spokesman.
In an emailed statement, the spokesman also said: "Rotation of auditors is in accordance with risk-management best practices, and already implemented."
Sebi began its probe after receiving information that some of the money raised through external commercial borrowings (ECB)s and foreign currency convertible bonds (FCCBs) by group companies had been ploughed into the stock market and that investment vehicles abroad had been used for this.
The regulator conducted investigations relating to the dealings in the shares of Reliance Communications Ltd (RCom).
Sebi said that its investigations were aimed at checking whether the entities had violated the Sebi Act, Sebi (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations and foreign institutional investors (FII) norms.
According to Sebi's investigations, R-Infra and RNRL were prima facie responsible for misrepresenting the nature of investments in yield management certificates/deposits, and the profits and losses in their annual reports for the fiscal years 2007, 2008 and 2009.
It also found misuse of FII regulations.
The government had on 1 December 2009, in a written response to a query raised in the Upper House of Parliament, said that three firms of R-Adag—R-Infra, RNRL and RCom—had violated overseas debt norms.
In a written reply, minister of state for finance Namo Narain Meena said end-use violations had been observed by the Reserve Bank of India (RBI) regarding two ECB transactions—of $360 million and $150 million—by R-Infra.
The company brought the proceeds raised through the ECBs to India and these were not deployed for the declared end-use in violation of existing guidelines, the minister had said.
RNRL issued FCCBs worth $300 million for the purpose of pursuing projects under the automatic route. As much as $275 million was brought to India in May 2007 and was parked in debt mutual funds pending utilization.
Subsequently, in August 2008, an amount of Rs1,160 crore was invested in a wholly owned subsidiary in Singapore, the minister said.
Since the alleged transactions had a cross-border angle and since RBI does not have privileges of investigation, the issue had been referred to the enforcement directorate for investigation, the minister had said.
On 9 September 2010, the entities proposed a settlement of Sebi's proceedings through a consent order, to which Sebi agreed on 4 January.
As per the order, R-Infra and the four officials were to jointly pay Rs25 crore towards settlement, while RNRL and Ambani were to pay another Rs25 crore towards consent.
The entire amount of Rs50 crore was to be paid jointly by the five persons in their individual capacities, and the two companies were not liable to bear any expense in this regard.
Sebi said the entire amount has been paid by Ambani and others without admitting or denying the charges.
The case could be reopened if Sebi discovers any representation made by the entities is false.
Shares of RCom lost 0.07% to close at Rs138.40 on Friday while R-Infra lost 1.4% and R-Power Ltd lost 1.11% on the Bombay Stock Exchange. The exchange's benchmark index, the Sensex, lost 1.68%.
V.K. Sharma, head of private broking and wealth management at HDFC Securities Ltd, said, "With the case being put to rest, some of the negative bias in the market pertaining to the two companies might go away."
"Inability to invest in the secondary market would not have much implication, since they can still deal in the primary market. Also, some other companies that are controlled by Anil Ambani, but not directly implicated in this matter, can still invest in the secondary market," Sharma added.
anirudh.l@livemint.com
Ashwin Ramarathinam contributed to this story.
Reliance Power has sued HT Media Ltd, publisher of Mint, in the Bombay high court over a 12 May front-page story in Mint that it disputed. HT Media is contesting the case.
http://www.livemint.com/2011/01/14235802/Sebi-bars-Anil-Ambani-from-sto.html
12 JAN, 2011, 06.00AM IST,ET BUREAU
12 JAN, 2011, 02.37PM IST,PTI
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Troubled Galaxy Destroyed Dreams, Chapter 577
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
Sebi bars Anil Ambani from stock investing!SEBI alerts investors about risky market
Anil Ambani group companies Reliance Infra and RNRL today settled a Sebi probe into possible violation of securities market norms by them for a collective settlement charge of Rs 50 crore.
In a consent order passed today, the Securities and Exchange Board of India (Sebi) said that it has agreed to settle the case after the two companies agreed to its certain terms and conditions, including the payment of settlement charges.
The case relates to a probe by Sebi in dealings in the shares of another Anil Ambani group firm Reliance Communications and investigations related to alleged violation of foreign investment norms.
As per the conditions of the settlement, the two companies would not be able to invest in any listed shares in the secondary market, other than mutual funds, until December 2012 and the individuals named in the case, which includes chairman Anil Ambani, can not invest in secondary market untill December 2011.
However, this condition will not apply to primary market issuances, buybacks and open offers.
15 JAN, 2011, 06.50PM IST,ET BUREAU
Petrol dearer by up to Rs 2.54 per litre
NEW DELHI: State-owned oil companies today raised petrol prices by Rs 2.50-Rs 2.54 per litre, the second hike in a month, on back of rising crude oil prices.Indian Oil Corp , the nation's largest fuel retailer, will raise petrol prices by Rs 2.50 per litre with effect from midnight tonight, while Hindustan Petroleum Corp Ltd (HPCL) would hike rates by Rs 2.54 a litre, an industry official said.
Bharat Petroleum Corp, the third state fuel retailer, would raise price by Rs 2.53 per litre with effect from midnight tonight.
The three firms from on December 15-16 raised petrol prices by Rs 2.94-2.96 per litre, the biggest hike in six months.
Petrol at IOC outlets in Delhi now costs 55.87 per litre and from tomorrow it will be priced at Rs 58.37 a litre.
The fuel at HPCL and BPCL pumps would be sold at Rs 58.39 per litre from tomorrow.
Petrol at HPCL pumps at present costs Rs 55.85 per litre while it is priced at Rs 55.86 a litre at BPCL fuel bunks.
The official said the increase follows international crude oil prices climbing to USD 92 per barrel.
The state-run retailers are deliberately adopting marginally different rates to avoid being accused of acting as a cartel in the free market.
The government had freed petrol prices in June this year, but the state firms, which control 98 per cent of the retail market, continue to informally consult the oil ministry before revising prices.
15 JAN, 2011, 12.21AM IST, ANURADHA KANWAR,ET BUREAU
Vedenta has ability to handle oil & gas assets: Govt
SINGAPORE: Vedanta Resources, which plans to enter the oil and gas sector with the acquisition of Cairn India , will be able to handle oil and gas assets, the oil minister said, rebuffing ONGC's concern about placing India's biggest onshore oilfields in the hands of a greenhorn in the sector.ONGC, a disgruntled 30% partner in Cairn's main oilfield in Rajasthan, had declared that the $9.6 billion deal cannot be completed without its approval and that it had pre-emptive rights. It informed the stock exchange on October 21 that it had asked Cairn to furnish details of "The proposed buyer's financial strength, technical capability and past experience in the field of oil and gas".Cairn executives had maintained that a change in the majority share holder would in no way diminish the competence of the local staff which had developed the field and pump 1,25,000 barrels per day, making it the country's biggest onshore find. Petroleum Minister Deora shares this view.
"The same people will continue, they already met us, the scientists and the managers run the company, we are not worried about all this," Deora told ET Now, this newspaper's sister television channel.
Officials have also said that the oil ministry had urged Cairn to withdraw its arbitration proceeding challenging its liability to pay cess for oil produced from the Rajasthan block . Cairn is paying "under protest" its share of cess at Rs 2,500 per tonne. "This is a matter pending for a long time, we will be happy in case this is settled," Deora said when asked about the arbitration case in context of the Cairn-Vedanta deal.
ONGC, which is contractually bound to pay Cairn's share of royalty in the field, had hoped that if Cairn and Vedanta are brought to the negotiating table by the government, the state-run company would also seek a review of the royalty agreement.
Under the production sharing contract, ONGC was granted its 30% stake in the block free of cost, while Cairn was exempted from royalty - one of the incentives the government had offered to lure private capital into exploration.
Cairn had also said it did not need approval of either the oil ministry or ONGC for the deal as this was not a requirement under its contract. The block was given to Cairn before India launched its new exploration licensing policy, which clearly spelt out such a requirement. The oil ministry refused to consider the deal until Cairn formally applied for approval for transfer of all the blocks it controlled. Last week, Vedanta Resources chairman wrote to prime minister Manmohan Singh seeking his intervention to speed up matters.
The prime minister's office directed to petroleum ministry to take a decision on the merits of the case by the end of January.
The oil ministry finally got moving and decided to consider the deal independent of ONGC's concerns about royalty. ONGC is directly controlled by the oil ministry, and some officials say it's statements about the controversial deal would have had the tacit approval of the government.
Officials say that the government would consider ONGC's request for a lower royalty burden independent of the Cairn-Vedanta deal.
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Commenting on the Sebi order, a Reliance Infrastructure spokesperson said: "Reliance Infra has voluntarily settled SEBI show-cause proceedings of June 2010 against the company and its directors.
"In accordance with SEBI consent mechanism, the settlement is without admission or denial of guilt. Settlement made in interests of investors to pre-empt unnecessary and time-consuming litigation."
The company said that their directors have voluntarily made payment of entire settlement fees, with no burden on Reliance Infra, and added the settlement maintains full financial flexibility of the company to implement its growth projects.
As per the order, the two companies would also have to implement a policy of rotating their statutory auditors and, therefore, the auditors as on March 2010 cannot be reappointed for a period of three years commencing from 2010-11.
Sources said that the companies have already implemented the rotation of auditors policy as in accordance with risk management best practices.
The companies voluntarily offered to not make investments in secondary market to conserve resources for investment in own substantial projects, and will not impact growth prospects in any manner, the sources close to the development said.
AGARTALA: Capital market regulator Securities and Exchange Board of India (SEBI) Friday asked investors to remain alert about the risky market.
"The SEBI has toughened its actions and is intensifying surveillance over the capital market to check fraudulent and illegal acts," SEBI chairman C.B. Bhave said while addressing a national seminar on investors protection.
"As part of its intensified measures, SEBI has collected fines of Rs.150 million in 13 years (1995-2008) and Rs.1 billion during the past two years (2008-2010) from those companies and capital market violators."
According to the SEBI chief, people in many cases fall into the trap of hefty returns in quick succession from their investments in the capital markets or unauthorised financial institutions.
"As part of systematic solutions and enforcement, SEBI with the empowerment to regulate the capital market has been gradually changing its mechanism and functioning."
There are multiple agencies and numerous acts to deal with the fraudulent and illegitimate acts of business in the capital market, he stated.
Bhave said: "ASBA (application supported by blocked amounts) is a process developed by the SEBI for applying to IPO. In ASBA, an IPO applicant's account doesn't get debited until shares are allotted to him."
In what could be a coincidence, the two Ambani groups have separately approached SEBI for settlement of probes by the regulator in two separate cases of alleged violation of trading regulations.
A settlement order is likely to be passed soon by Sebi in its probe related to Anil Ambani group firms, Reliance Infrastructure and erstwhile RNRL (which has now merged with Reliance Power), sources said.
When contacted, an Anil Ambani group spokesperson declined to comment on the matter.
On the other hand, elder brother Mukesh Ambani-ledReliance Industries group has approached Sebi for the third time for a settlement in the probe involving alleged violation of insider trading norms way back in 2007 in the dealings of shares of now-delisted subsidiary Reliance Petroleum (RPL).
Queries made to an RIL spokesperson were unanswered. RIL's consent to the settlement appeal in this case has previously been turned down twice as Sebi did not agree to consent fee that was offered to settle the case, sources said.
The last two appeals were made by RIL in August 2010 and November 2009. Sebi is said to have assessed the illegal gains from the alleged insider trading at over Rs 500 crore and had found the offered consent fee very less in those appeals.
It could not be ascertained as how much Mukesh Ambani group offered to pay as consent fees in its latest appeal.
Interestingly, the probes related to both the groups are regarding transactions that occurred way back in 2007 and investigations were initiated by the Sebi in both cases on the basis of anonymous complaints.
SEBI had begun quasi-judicial proceedings against RIL after it found violations in insider trading regulations pursuant to its investigation in the trading pattern in the RPL stock for the period between November 1-29, 2007.
A subsidiary of RIL, RPL was merged with the parent in 2009 and subsequently delisted from the stock market.
Sebi first issued show-cause notices to RIL in this matter in May 2009, while the initial probe began in early 2008.
The other case involves a probe into certain market "dealings" by the two Anil Ambani group companies -- Reliance Infrastructure and Reliance Natural Resources .
In this case, R-Infra, RNRL, along with some top group executives including Chairman Anil Ambani, were issued notices several times in the second half of 2010 to appear for personal hearing before the SEBI.
While SEBI, in its notice did not clarify what "dealings" by RNRL and R-Infra it was probing into, various agencies, including Enforcement Directorate , have been investigating alleged irregularities in overseas debt instrument transactions by the two companies way back in 2007.
Anirudh Laskar & Aveek Datta reports in MINT:
Mumbai: The capital market regulator, Securities and Exchange Board of India (Sebi), on Friday, barred Anil Ambani and four other officials of Reliance Group—till recently known as the Reliance-Anil Dhirubhai Ambani Group (R-Adag)—companies from investing in listed shares until December 2011.
Two group firms, Reliance Infrastructure Ltd (R-Infra) and Reliance Natural Resources Ltd (RNRL), too, have been barred from making such investment till December 2012.
Sebi, however, has not banned any entity from dealing in mutual funds, primary issues, buybacks and open offers.
The directives are part of a consent order to settle a case that began in June 2010 when Sebi issued show-cause notices to these firms and five executives, including Ambani, for allegedly routing money raised through overseas bonds to the stock market in 2007.
Sebi had asked R-Infra, RNRL, Ambani (chairman of RNRL and chairman and managing director of R-Infra), and four executives—Satish Seth, vice-chairman of R-Infra; and S.C. Gupta, J.P. Chalasani and Lalit Jalan, directors of R-Infra —for explanations over the alleged violation of overseas debt norms.
On Friday, the case was settled for Rs50 crore, the highest consent fee paid for any case related to any corporate group.
The regulator also ordered the two companies to implement a policy of rotation of the statutory auditors and directed them not to re-appoint the auditors (as of March 2010) for a period of three years, beginning the fiscal 2011.
Consent orders settle administrative or civil proceedings between the regulator and a person (party), who may prima facie be found to have violated securities laws. Such an order may or may not determine that a violation has occurred.
"Conditions in the consent orders, in addition to payment of monies, such as restriction on trading in the secondary market serve as a deterrent and make the consent order regime more effective. This would help in avoiding misuse of the consent order process," said Vyapak Desai, head (international litigation and arbitration practice) at law firm Nishith Desai Associates.
While Sebi's order will only restrain the entities from buying listed shares, an official at one of the group firms said none of the entities mentioned in the order has, in any case, bought any listed share in the secondary market in the past few years.
Full Text | Sebi consent order
RNRL recently got merged with Reliance Power Ltd (R-Power), and it is not clear whether the order will cover R-Power as well.
"Some of the businesses of RNRL have been demerged with R-Power and shares of RNRL have been delisted. But RNRL and R-Power continue to remain as two separate entities even today. So, the order will not affect the operations of R-Power in anyway," the official said. He declined to be named.
An R-Infra spokesman said: "Reliance Infra has voluntarily settled Sebi show-cause proceedings of June 2010 against the company and its directors... The settlement (was) made in interests of investors to pre-empt unnecessary and time-consuming litigation."
"Voluntary decision to not make investments in listed securities in the secondary market (till next year by the company, and this year by the directors) was to conserve resources for investment in own substantial projects, and will not impact growth prospects in any manner," said the spokesman.
In an emailed statement, the spokesman also said: "Rotation of auditors is in accordance with risk-management best practices, and already implemented."
Sebi began its probe after receiving information that some of the money raised through external commercial borrowings (ECB)s and foreign currency convertible bonds (FCCBs) by group companies had been ploughed into the stock market and that investment vehicles abroad had been used for this.
The regulator conducted investigations relating to the dealings in the shares of Reliance Communications Ltd (RCom).
Sebi said that its investigations were aimed at checking whether the entities had violated the Sebi Act, Sebi (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations and foreign institutional investors (FII) norms.
According to Sebi's investigations, R-Infra and RNRL were prima facie responsible for misrepresenting the nature of investments in yield management certificates/deposits, and the profits and losses in their annual reports for the fiscal years 2007, 2008 and 2009.
It also found misuse of FII regulations.
The government had on 1 December 2009, in a written response to a query raised in the Upper House of Parliament, said that three firms of R-Adag—R-Infra, RNRL and RCom—had violated overseas debt norms.
In a written reply, minister of state for finance Namo Narain Meena said end-use violations had been observed by the Reserve Bank of India (RBI) regarding two ECB transactions—of $360 million and $150 million—by R-Infra.
The company brought the proceeds raised through the ECBs to India and these were not deployed for the declared end-use in violation of existing guidelines, the minister had said.
RNRL issued FCCBs worth $300 million for the purpose of pursuing projects under the automatic route. As much as $275 million was brought to India in May 2007 and was parked in debt mutual funds pending utilization.
Subsequently, in August 2008, an amount of Rs1,160 crore was invested in a wholly owned subsidiary in Singapore, the minister said.
Since the alleged transactions had a cross-border angle and since RBI does not have privileges of investigation, the issue had been referred to the enforcement directorate for investigation, the minister had said.
On 9 September 2010, the entities proposed a settlement of Sebi's proceedings through a consent order, to which Sebi agreed on 4 January.
As per the order, R-Infra and the four officials were to jointly pay Rs25 crore towards settlement, while RNRL and Ambani were to pay another Rs25 crore towards consent.
The entire amount of Rs50 crore was to be paid jointly by the five persons in their individual capacities, and the two companies were not liable to bear any expense in this regard.
Sebi said the entire amount has been paid by Ambani and others without admitting or denying the charges.
The case could be reopened if Sebi discovers any representation made by the entities is false.
Shares of RCom lost 0.07% to close at Rs138.40 on Friday while R-Infra lost 1.4% and R-Power Ltd lost 1.11% on the Bombay Stock Exchange. The exchange's benchmark index, the Sensex, lost 1.68%.
V.K. Sharma, head of private broking and wealth management at HDFC Securities Ltd, said, "With the case being put to rest, some of the negative bias in the market pertaining to the two companies might go away."
"Inability to invest in the secondary market would not have much implication, since they can still deal in the primary market. Also, some other companies that are controlled by Anil Ambani, but not directly implicated in this matter, can still invest in the secondary market," Sharma added.
anirudh.l@livemint.com
Ashwin Ramarathinam contributed to this story.
Reliance Power has sued HT Media Ltd, publisher of Mint, in the Bombay high court over a 12 May front-page story in Mint that it disputed. HT Media is contesting the case.
- R-Cap shifts focus to commercial finance for next phase of growth
- R-Power gives China firm $10 bn order
- R-Adag may get Sebi ultimatum
- Anil Ambani eyes stake in Indian commodity bourse
- Reliance Infra, RNRL cannot invest in publicly traded firms: Sebi
- Govt mulls norms for Rs1 trillion wealth management industry
- Lack of guidelines cause for Citibank fraud: Parekh
- Indians can trade in global indices within a month
http://www.livemint.com/2011/01/14235802/Sebi-bars-Anil-Ambani-from-sto.html
Between the lines, some cooked books
If some of the whopping investment intention claims made by industrialists at the 5th edition of Vibrant Gujarat evoked some deja vu, that may not be entirely accidental. In some cases, it was a repeat of commitments already made in the meet's previous edition, or overlaps.
On Day One of the summit, ADAG's Anil Ambani quoted one of the highest investment figures of Rs 50,000 crore spread over the next five-seven years. "We are committing to invest Rs 50,000 crore in in Gujarat in gas-based and coal-based power projects in the next 5-7 years," Ambani said, adding the investments would include very large ones in the cement sector in three areas — Kutch, Porbandar and Junagadh. But in the previous summit held in 2009, too,
Ambani had inked agreements for investments totaling Rs 10,500 crore towards building a port jetty in Saurashtra, a major power plant and three cement factories.
Similarly, Singapore-based Universal Success Enterprises Ltd. (USEL) had committed the highest investment in 2009 by signing three MoUs with the state worth almost Rs 87,000 crore in infrastructure projects over the next 10 years. Investments were spread across thermal power generation, sea ports and industrial and urban infrastructure development. While reporting that the work on power project has made "remarkable progress", it announced another Rs 1,500-crore investment in an integrated township in partnership with Japanese agencies.
A Mumbai-based SME investor said many of the deals, even if they have been finalised earlier, have been clubbed in this summit by signing MoUs. For instance, land acquisition for the Dholera SIR had been completed earlier, but transferred at a date coinciding with the summit. "There is no physical progress at the Dholera SIR. Therefore, there is no question of any of the previous investment announcements having fructified in the last two years," he said. "Of course, jacking up figures serve a purpose. But even if 10 per cent of it all materialises, it would be good."
http://www.indianexpress.com/news/Between-the-lines--some-cooked-books/737383/12 JAN, 2011, 06.00AM IST,ET BUREAU
SEBI allows Indian investors to trade derivatives contracts in global indices
MUMBAI: Indian investors will now be able to trade in derivatives contracts in global indices , after capital market regulator the Securities and Exchange Board of India (Sebi) allowed stock exchanges to introduce the products in their equity derivatives segments.
The market regulator, however, said that stock exchanges would have to submit their application along with the risk management framework for approval before the regulatory bodies of the countries concerned. Stock exchanges will cash in on this opportunity to launch futures contracts, as they have been trying to increase their market share by selling global products to Indian investors, say brokers.
The National Stock Exchange (NSE) has entered into cross-listing agreements with Chicago Mercantile Exchange (CME) and the London Stock Exchange (LSE). As part of the agreement with CME, the NSE has exclusive rights for trading in the S&P 500 and the Dow Jones Industrial Average rupee-denominated futures contracts for trading in India.
"The Sebi move is positive as it will allow Indian investors to diversify their allocation across global asset classes in a controlled environment ," said Ashish Kumar Chauhan , deputy CEO, the Bombay Stock Exchange. "The advantage of this move is that it can be traded and settled in rupee terms," he said.
The exchanges could introduce derivatives in the indices traded on Chicago Board Options Exchange, CME Group, Nasdaq OMX PHLX, the Singapore Exchange, among others. While the overseas index should have a minimum market capitalisation (m-cap ) of $100 billion , there should be at least 10 stocks in the index.
Further, no single stock should have more than 25% of the weight, computed in terms of free float m-cap , the circular stated. Also, in terms of trading volumes (number of contracts), derivatives on that index should figure among the top 15 derivatives index globally. It also stated that if the stock index failed to meet any of the above criteria for three months consecutively , no fresh contract will be introduced on that index.
The position limits as well as the disclosure requirements for clients whose position exceed 15% of the open interest of the market as applicable to domestic stock index derivatives shall be applicable on foreign stock indices.
According to Alex Matthews, head-research , Geojit BNP Paribas, it would be a very useful hedging tool and will keep the volatility in check.
Also, for instance, if the domestic indices remain range-bound and trading opportunities dry up, traders can trade in other indices as variety of instruments will be available. This is being made available to NSE through sub-licences from the CME Group, Standard & Poor's and Dow Jones, respectively.
While the market capitalisation of S&P 500 is $11.83 trillion, DJIA has a m-cap of $3.71 trillion and Londonbased FTSE 100 commands a m-cap of $2.58 trillion, according to data available on Bloomberg.
http://economictimes.indiatimes.com/markets/regulation/sebi-allows-indian-investors-to-trade-derivatives-contracts-in-global-indices/articleshow/7264674.cms12 JAN, 2011, 02.37PM IST,PTI
Sebi looking into the idea of setting up SME Exchanges: Bhave
MUMBAI: Market regulator Sebi today said that it is looking into the idea of setting up of SME Exchanges even though no bourses have formally approached it.
"We are very keen on that (SME Exchanges)...We have initiated the process.. finally it is in the hands of the exchanges to decide whether they want to create a separate platform for SMEs," Sebi Chairman, C B Bhave , told reporters on a sidelines of a function here.
On January 5, BSE Chief Executive Officer, Madhu Kannan, had said that the country's premier bourse would announce the launch of its SME Exchange within a fortnight.
"We have made a number of presentations to the regulator and a few more are awaited. Within the next couple of weeks will be have a clearer picture on this and then we will be able to announce the roll out date," Kannan had said.
The BSE, along with NSE and privately-promoted MCX SX are keen on setting up SME Exchanges since Sebi floated the idea in June last year.
However, none of these exchanges have applied formally for a licence with the Sebi.
The government and capital markets watchdog mooted the idea of a separate exchange for small and medium enterprises last year, as the existing exchanges are too costly for them.
Proposed SME bourses will allow small companies to get listed at a lower cost and raise smaller amount of money from the primary markets, which will force these companies to adopt better corporate governance practises and in turn will get cheaper funds from capital market as well as from banks.
| Markets |
| 15 Jan 2011, 16:07 Tata Steel fixes FPO price band at Rs 594-610 per share At the higher end of the price band at Rs 610 per share, Tata Steel will garner Rs 3,477 cr from FPO, while at the lower end, it will raise Rs 3,385 cr. 15 Jan 2011, 13:20 Sensex falls by 4.22% on RBI rate hike concerns All indices ended in red due to heavy selling pressure from investors. Capital Goods, Realty, Banking, Oil&Gas, PSU, Power sectors were the major contributors to the Sensex fall. |
Market News
- Sensex falls by 4.22% on RBI rate hike concerns
- CSE index down 350 points in weekly trade
- FII selling sends shock waves on D-Street
- Inflation numbers knock down stocks
Stocks in News
- Tata Steel fixes FPO price band at Rs 594-610 per share
- Tata Coffee rockets 20%, stock hits upper limit on BSE
- Zee Entertainment tanks post Q3 results
- Zee Entertainment hits 52-wk low after results
Views/Recommendations
- HDFC is a buy: Ashwani Gujral, Market Strategist
- 425-450 is a good level to get into Tata Coffee: Ashwani Gujral, Market Strategist
- M&M a very strong stock: Sudarshan Sukhani, Technical Trends
- HDFC is a buy: Sudarshan Sukhani, Technical Trends
http://economictimes.indiatimes.com/markets/stocks/articlelist/2146842.cms
13 JAN, 2011, 05.23PM IST,ET BUREAU
12 JAN, 2011, 07.00AM IST, DEEPTHA RAJKUMAR & GAYATRI NAYAK,ET BUREAU
Bears return as FIIs shun Indian markets
MUMBAI: The two-year investor ecstasy over India's macroeconomic growth is slowly giving way to agonising cries over inflation and interest rates, reviving memories of the 2008 savage collapse in equities that wiped out many investors.
As the noise on soaring cost of funds and increasing commodity and crude oil prices gets louder, analysts are preparing to cut corporate earnings estimates for the first time in nearly two years. This could pressure stock prices that are already at a premium to emerging market peers.
Two years of excesses with stimulus, topped with nature's fury—one year of the worst drought in three decades, the next of unseasonal rains—are triggering concerns among investors that macroeconomic health may deteriorate.
Foreign investments in India are poised to slow from the record $29 billion in 2009 as overseas investors prepare to benefit from safer developed markets, with demand reviving in the US, including corporate action in the form of takeovers.
``The current situation looks similar to that in 2008, when inflation had to be contained by raising interest rates," said V Anantha Nageswaran, Chief Investment Officer of Bank Juli US Baer. ``This risk is real and we suspect the repeat of a similar situation."
Indian benchmarks have underperformed major developed and emerging markets since the macro situation turned shaky in the past few months. Suddenly, investors are worried about soaring prices that could force a reluctant Reserve Bank of India to resume raising rates after doing so six times last year.
The currency looks wobbly as imports far outstrip exports, threatening to take the current account deficit ratio to 1991 crisis levels, a contrast to China's. Fiscal deficit, forecast at 5.5% in 2010-11, may not come under control next year as the Centre is tempted to spend more on welfare schemes with an eye on state elections. And, with about two months to go, the privatisation target of Rs 40,000 crore remains just half achieved.
"Macro concerns regarding inflation, fiscal and current account deficits, and potential earnings disappointments could lead to significant multiple compression from the current levels, which we see as elevated," Parul Saini of Royal Bank of Scotland says.
The benchmark Sensex is down 5.7% since November when the US' S&P 500 rose 7.2% and the MSCI world index gained 4.3%. The MSCI Emerging Markets is up 1.4%. India remains the most expensive among Bric nations, a moniker for the uniquely fast-growing Brazil, Russia, China and India.
While India is trading at 22 times companies' forecast earnings, Brazil and Russia are at 14.1 times and China at 17.9, which may lead to global investors choosing rivals over India.
Signs of revival in the US economy and higher returns in developed nations could divert funds away from India. Foreign funds have sold Rs 1,152 crore worth of Indian shares this year. They may lower their investments in emerging markets as a whole.
For the last two months, what we have seen is that some of these longer dated investors, who have found themselves to be overweight in the developing markets simply because they let it go higher and higher, will put less and less money," said Abby Joseph Cohen, Managing Director and Senior Investment Strategist at Goldman Sachs. It doesn't mean they'll withdraw but it is just that they'll put lesser money as they see opportunities in the developed markets.
The slowdown in overseas fund flows, with bearish outlook for corporate earnings due to input costs eating into profits, may make India underperform for a few quarters.
Analysts predict headline inflation to touch 7% by March 2011 because of higher food prices. This is significantly above RBI's target of 5.5%, and also above the finance minister's recent expectation of 6.5%.
Current commodity prices (as measured by the CRB Metals Index, a barometer for base metal price movement ) are up 45% this year than last years' levels while interest rates (as measured by three-month CP rates) are 88% higher.
"We could see some earnings downgrades this year as higher costs lead to margin pressure," said Jyotivardhan Jaipuria, MD and head of India research at DSP Merrill Lynch. "It will be a year of very low returns in markets which will largely be rangebound. India is facing a problem of inflation, which will lead to higher interest rates. So near-term lower industrial production may also worry the market."
Maruti Suzuki, Samsung, Tata Steel and Sterlite Industries have all raised prices to partly protect their margins due to a jump in their product prices. That is spreading in the system that could change the demand outlook.
"We expect lower earnings growth for 2012 and 2013 due to margin pressure, '' wrote RBS' Saini.
Sensex ends 351 points lower; Infosys, ICICI down
MUMBAI: Indian markets ended in deep red as concerns of interest rate hike by the Reserve Bank of India and below street expectation quarterly results from Infosys Technologies hurt sentiments. Traders also booked profits after a short-covering rally in previous session.
According to analysts, the market is likely to remain choppy after the recent correction and take cues from quarterly earnings for direction. Street is factoring in a possibility of interest rates from the RBI by month end. The central bank is expected to increase rates by 25-50 basis points.
Indices opened on a lower note after Infosys Technologies reported 14 per cent rise in net profit for quarter ended December, lagging market forecast as a firmer rupee and higher wage costs weighed on rising demand. Infosys reported net profit for the fiscal third-quarter ended December rose to Rs 17.8 billion ($396.4 million) from 15.6 billion a year ago.
"3QFY11 results are below estimates. However, we draw comfort from the management commentary on CY11 IT budgets and pricing trend. Company has expressed confidence on maintaining margins. We expect FY12 revenue growth to be better than FY11 and expect consensus upgrades to FY12 EPS as we progress into CY11," said JM Financial report.
The indices fell sharply after the inflation figures were announced. India's food price index rose 16.91 per cent, driven mainly by high vegetable prices, and the fuel price index climbed 11.53 per cent in the year to Jan. 1, government data on Thursday showed.
National Stock Exchange's Nifty ended at 5751.90, down 111.35 points or 1.90 per cent. The broader index touched a high of 5857.75 and low of 5736.70 intraday.
Bombay Stock Exchange's Sensex closed at 19182.82, down 351.28 points or 1.80 per cent. The 30-share index touched a high of 19522.38 and low of 19136.27 in today's trade.
"We don't expect the market to go below strong support of 5700-5750 and have a bullish outlook for next quarter. Sectorally metals, technology and FMCG look bullish. Hindalco, Sterlite, Polaris, HCL Tech, HUL and Britannia can see good upmove. Traders can buy long positions at current levels. On the upside, Nifty has strong support at 6050-6100, if that is surpassed then 6400 is achievable," said Rohit Srivastava, Fund Manager, Protech PMS, Sharekhan.
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Anil Ambani
From Wikipedia, the free encyclopedia
| Anil Ambani | |
|---|---|
| Born | 4 June 1959 Mumbai, Maharashtra, India |
| Residence | Mumbai, Maharashtra, India |
| Nationality | Indian |
| Alma mater | University of Mumbai University of Pennsylvania |
| Occupation | Chairman of Anil Dhirubhai Ambani Group |
| Net worth |  US$13.7 billion (2010)[1] |
| Spouse | Tina Munim |
| Children | 2[2] |
| Relatives | Mukesh Ambani (Brother) |
Anil Dhirubhai Ambani (born 4 June 1959) is an Indian business baron and chairman ofReliance Anil Dhirubhai Ambani Group, one of the largest private conglomerates. Anil's elder brother, Mukesh Ambani, is also worth more than 29 billion dollars, and owns another company called Reliance Industries. As of 2010, he is the fourth richest Indian with a personal wealth of $13.7 billion, behind Mukesh Ambani, Lakshmi Mittal and Azim Premji.[3]
He is a member of the Board of Overseers at the Wharton School of the University of Pennsylvania. He is also the member of the Board of Governors of the Indian Institute of Technology Kanpur; Indian Institute of Management, Ahmedabad. He is a member of the Central Advisory Committee, Central Electricity Regulatory Commission. In March 2006, he resigned. He is also the Chairman of Board of Governors of DA-IICT, Gandhinagar.
Contents[hide] |
Career
Ambani joined Reliance, the company founded by his late father Dhirubhai Ambani, in 1983 as Co-Chief Executive Officer and is credited with having pioneered many financial innovations in the Indian capital markets. For example, he led India's first forays into overseas capital markets with international public offerings of global depositary receipts, convertibles and bonds. He directed Reliance in its efforts to raise, since 1991, around US$2 billion from overseas financial markets; with a 100-year Yankee bond issue in January 1997 being the high point, after which people regarded him as a financial wizard[citation needed]. He along with his brother, Mukesh Ambani, has steered the Reliance Group to its current status as India's leading textiles, petroleum, petrochemicals, power, and telecom company.
He has been linked with several starlets in his long career including his current wife of more than 15 years. He is a close friend of movie starAmitabh Bachchan and Subrata Roy.One of his major achievements in the entertainment industry is the takeover of Adlabs, the movie production to distribution to multiplex company that owns India's only dome theatre and the recently announced joint venture worth US$ 825 million with Steven Spielberg
He has been embroiled in a dispute with his brother, Mukesh Ambani, over the supply of gas from the latter's KG basin.
He recently topped Business Sheet's "world's biggest loser" list of business leaders who lost money in the Late 2000s recession,[4] losing $32.5 billion in 2008, which brought him out of the top ten list to number 34 in 2009.
Assassination attempt
On the evening of 22 April 2009, mud, gravel and pebbles were found in his 13-seat helicopter VT-RCL's (a Bell 412) gearbox.[5] Despite the gear box being located at a height of 10 feet from the ground, the gravel and pebbles were put in the filler cap in the gear box. A senior pilot ofReliance Transport and Travels Pvt. Ltd., Captain RN Joshi filed a complaint with the Mumbai Police Commissioner's office, Maharashtra Chief Minister's office, Maharasthra Home Minister's office, Chief Secretary's office, Joint Commissioner of Police's office and also at the Santa Cruz Police Station.
The helicopter was standing outside a hangar at the Mumbai Airport when the sabotage was found by Bharat Borge, a technician for Air Works. Borge was found dead on April 28, 2009 on Mumbai's suburban railway tracks between Vile Parle and Andheri. A letter was also found with him. Railway Police believes that he might have been run over by the Churchgate-bound fast-local. "Borge's mysterious death created a flutter, lending credence to Anil Ambani's charge that certain 'rival business groups were trying to eliminate him'. "[6][7]
The post-mortem conducted on Bharat Borge revelated that he died of shock due to multiple fractures, resulting in brain haemorrhage.[8]There was also a letter found in his pocket written in marathi saying "I haven't done anything wrong. That day, some Reliance people came and spoke to me. I didn't tell them anything. One of them took my number and said that he'll talk to me later. I felt they were using me. I am writing this letter after thinking all night. It looks like the blame will be on me. I think the investigation is on the right track and truth will emerge soon."[8]
Investigators later said that Borge's death was an accident and not suicide.[9]
Airworks India Engineering Pvt. Ltd., the company that maintains the helicopter, was questioning its employees in the case.[10]
Awards and recognition
- Voted the 3rd most powerful person in India in the 2009 India Today Power List, in March.[11]
- Voted Businessman of the Year 2006 by Times of India-TNS poll[12]
- Adjudged as the CEO of the Year at the prestigious Platts Global Energy Awards for 2004.
- Voted as 'MTV Youth Icon of the Year for 2003' in September 2003.
- Conferred 'The Entrepreneur of the Decade Award' by the Bombay Management Association, October 2002.
- Awarded the First Wharton Indian Alumni Award by the Wharton India Economic Forum (WIEF) in recognition of his contribution to the establishment of Reliance as a global leader in many of its business areas, December 2001.
- Conferred the ' Businessman of the Year 1997' award by India's leading business magazine Business India, December 1997.
Personal life
Anil Ambani is Gujarati Indian. He is married to Indian Bollywood Actress Tina Munim and has two sons Anmol and Anshul. He has taken part in the Mumbai Marathon race. Ambani is also a fan of Coca-Cola Championship club, Newcastle United and was extremely close to buying the club in September 2008. In June 2004, Anil was elected as an Independent Member of the Rajya Sabha - Upper House, Parliament of India with the support of the Samajwadi Party. He wakes up daily at 4:00am, checks the news and then goes for a run. [13]
He drinks 6 litres of water every day and likes to eat Pav Bhaji. [14]
Travel
He has a Bell 412 13-seat helicopter, which he purchased in 2001.[15]
English Premier League
Ambani was in talks with Everton officials over a deal to takeover the club. Before this he was also on the brink of buying Newcastle United.[16][17] He is now believed to be keen to re-kindle his interest in Everton as Chairman Bill Kenwright has admitted he will now actively seek to sell his shares due to the collapse of the clubs Destination Kirkby stadium project.
Bibliography
- Yogesh Chabria, Happionaire's Cash The Crash. CNBC - Network18. ISBN 978-81-906479-5-3 - 2009
References
- ^ Anil Ambani topic page. Forbes.com. Retrieved September 2010.
- ^ "India Today 2005 Power List". Indiatoday.com. 2005-02-21. Retrieved 2010-12-31.
- ^ . http://beta.profit.ndtv.com/news/show/forbes-rich-list-india-s-wealthiest-people-29859.
- ^ Hilary Lewis (2008-11-18). "Biggest Losers: Anil Ambani". Businesssheet.alleyinsider.com. Retrieved 2010-12-31.
- ^ "Ibnlive.com assassination article". Ibnlive.in.com. 2010-02-03. Retrieved 2010-12-31.
- ^ "Rediff.com". Specials.rediff.com. 2009-04-28. Retrieved 2010-12-31.
- ^ Headlines Today (2009-04-28). "India Today - article on dead witness". Indiatoday.intoday.in. Retrieved 2010-12-31.
- ^ a b Manuj Tripathi & Pankaj Upadhyay (2009-04-29). "Ambani chopper case: Letter found on Bharat Borge's body". Indiatoday.intoday.in. Retrieved 2010-12-31.
- ^ 1 Jun, 2009, 02.48PM IST,PTI (2009-06-01). "Ambani chopper case: Borge's death an accident, not suicide". Economictimes.indiatimes.com. Retrieved 2010-12-31.
- ^ "Ambani chopper case: Fmr Air Works staff questioned". Zeenews.com. 2009-05-03. Retrieved 2010-12-31.
- ^ S. Prasannarajan (2009-03-06). "The highest circle (1-20): In This Issue : India Today". Indiatoday.intoday.in. Retrieved 2010-12-31.
- ^ [1][dead link]
- ^ "Forbes India - Lifestyles of the Rich and Famous". Business.in.com. Retrieved 2010-12-31.
- ^ http://www.indiatoday.com/itoday/20050221/power9.html
- ^ "ibnlive.com assassination article". Ibnlive.in.com. 2010-02-03. Retrieved 2010-12-31.
- ^ "Indian Tycoon Anil Ambani sets his sights on buying Everton".
- ^ "Exclusive: Everton targetted for take-over by Indian tycoon worth £20billion - News - MirrorFootball.co.uk". Mirror.co.uk. 2008-09-29. Retrieved 2010-12-31.
External links
- Anil Ambani and Mukesh Ambani fight ends , Beginning of a new Era
- Forbes Anil Ambani
- Reliance Infratel IPO
- Exhilway Finance
- Dhirubhai Ambani Institute of Information and Communication Technology
- Forbes.com: Forbes World's Richest People
- Reliance ADAG
- Reliance India Call
- Reliance Communications
- Reliance Energy
- Reliance Capital
- Reliance World
- Reliance Life Insurance
- Reliance General Insurance
- Reliance Mutual Fund
- Reliance Portfolio Management
- Reliance Natural Resources
- Reliance Technology Ventures Ltd
- Reliance Money
- Reliance Health
- Adlabs Films
- Adlabs Cinemas
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