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Anil says RNRL growth plans on track.

ANIL AMBANI, chairman of Reliance Anil Dhirubhai Ambani Group, said that the Securities and Exchange Board of India's ( Sebi) ban on stock market investments does not apply to takeover initiatives of Reliance Infrastructure Ltd and Reliance Natural Resources Ltd ( RNRL).

The directive was part of the Sebi's consent order under which the chairman Anil Ambani and four directors of the two companies had paid ` 50 crore in the form of settlement fee.

However, the younger Ambani clarified on Sunday that there are no specific takeover plans in process at present for both these companies. " Both the companies retain full financial flexibility and growth prospects are on track," Ambani added.

On Friday Sebi barred the two Ambani companies, Anil Ambani himself and four of their directors seeking settlement of the proceedings pending with market regulator, from trading in the secondary market, where listed securities are traded. This was based on the proposals given by the parties themselves. The bar is applicable to the two companies till the end of 2012, while it is applicable to individuals, including Anil Ambani, till the end of 2011.

Sebi, however, has not specifically banned any of the parties from dealing in mutual funds, primary issues, buybacks and open offers.

The consent order is related to the Sebi's proceedings against these parties after due investigation into the allegations that the ADAG group companies have used the funds raised abroad were used to invest in stock market and that investment vehicles abroad were used as a means for the same.

" The investigations revealed that M/ s RelInfra and M/ s RNRL were prima facie responsible for misrepresenting the nature of investments in ' yield management certificates/ deposits', and the profits and losses ther

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Publication:Mail Today (New Delhi, India)
Date:Jan 17, 2011
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