SC CLEARS HURDLES FOR RELIANCE POWER IPO
A Three – Judge Bench, comprising the Chief justice, Mr. K.G. Balakrishnan, Mr. Justice R.V. Raveendran and Mr. Justice J.M. Panchal, stayed the hearing of a Public Interest Litigation (PIL) Petition filed by a Rajkot – Based NGO on RPL’s launch of its multi crore IPO due this 15th of Jan.
The Supreme Court has given permission for Reliance to go ahead with its launch of the Rs 10000 crore mega IPO on 15th of January. Mr. Harish Salve who appeared for RPL mentioned that the PIL petition before the Bench was motivated and filed to cause harassment to Reliance Power, he also stated that the IPO cannot be reversed as it would affect the capital and stock markets and foreign institutional investors would stop investing in India.
Reliance Power has sought a direction to transfer all the pending litigations to the Bombay High Court since the registered office of the company was situated in Mumbai.