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The Finance Ministry has asked SEBI to look into the alleged irregularities in the Reliance Power IPO. This follows representations from a large number of people including MPs and MLAs. The public issue is awaiting clearance from SEBI.

The finance ministry now wants the regulatory to scan the irregularities related to the securities laws and the Companies Act mentioned by MPs, MLAs and some organisations. In a letter dated October 23, Mr. K P Krishnan, IAS, joint secretary in the ministry, has also asked for a report from SEBI on the irregularities mentioned in the representations sent to the ministry. The letter is addressed to SEBI chairman M Damodaran.

“I request SEBI to take appropriate action in the matter and send a factual note on this issue expeditiously,” says the letter. A copy of the communication has also been marked to the Company Affairs Ministry.

Recently, the Companies Affairs Ministry had also sent a similar communication to SEBI. The action by both ministries is likely to result in a thorough probe into irregularities in the Reliance Power IPO.

SEBI has already sought clarifications from the lead managers to the issue and clearance has not been provided so far. Among the allegations made by various sections is that the promoters have issued a huge volume of securities to themselves at par while asking investors for a premium.

A number of organisations including an Investors Forum raised the issued recently, but the Anil Ambani Group did not reply to the charges. Instead, it was alleged that Reliance Industries had launched a ‘vicious’ campaign against the IPO.

While the Anil Ambani Group has complained to the SEBI that RIL officials are behind the expose, the regulator has also received a large number of complaints from investors of Reliance Energy. The power projects of Reliance Energy have been transferred to Reliance Power in an effort to bring in business into the company, which was virtually a shell till recently. Reliance Energy stands to lose out due to the structure of the transaction while Anil Ambani’s wealth is expected to skyrocket at the cost of investors.

The finance ministry letter lists out the individuals and organisations submitting representations on the Reliance Power IPO. The ministry has asked for a SEBI probe to protect investor interest.

The Anil Ambani Group did not inform stock exchanges about transfer of power projects to Reliance Energy. Nor did it obtain clearance of shareholders for transfer of these project which will make Reliance Energy just a contractor for implementing projects.

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