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June 19, 2001
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Money > Business Headlines > Report June 19, 2001 |
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BSP MP writes to Sebi, wants SEC informed of charges against RILBS Corporate Bureau Member of Parliament Raashid Alvi has written to Securities & Exchange Board of India chairman DR Mehta, demanding that the market watchdog inform the Securities & Exchange Commission in the US of the charges of insider trading levelled by him against Reliance Petroleum Ltd. This would help the US market regulator arrive at a decision on the public offering planned by Reliance there, he said in the letter. "It is the duty of Sebi to do so. Millions of shareholders may get affected otherwise," Alvi's letter, written on Friday, 15 June, reads. When contacted by Business Standard, Mehta said: "There is no need for us to write to the SEC. If the SEC seeks such information from us, then we will take a view on it." Alvi's latest letter is in response to the one written by Mehta to the MP on May 31, 2001, which says that Sebi is trying to ascertain "whether there is any evidence to indicate insider trading and price manipulation in the shares." A questionnaire faxed to Reliance didn't elicit any response. In the past, Mehta has expressed the view that a joint probe into Alvi's allegations should be launched. In a letter written to Alvi in mid-April, he had said that he would write to the finance ministry suggesting the constitution of a group with representatives from the ministry of finance, Reserve Bank of India, central board of direct taxes and Sebi to look into the issues raised by the Bahujan Samaj Party MP. In the letter, Mehta said he had come up with such a suggestion since Alvi has raised several inter-connected issues involving several agencies. In an earlier letter written on March 2, 2001, Mehta had informed Alvi that the issues raised by him were not within the regulatory jurisdiction of Sebi. "I would like to clarify that the matter of monitoring utilisation of funds is not within the purview of Sebi," Mehta had said in the letter. The letter also mentioned that IDBI was appointed as the monitoring institution for the Rs 26.74 billion public issue made by Reliance Petroleum in November 1993. "The monitoring agency, on the basis of the auditor's certificate submitted by the company, has confirmed that the amount has been deployed in the project for which the funds were raised," the letter had said. In the letter, Mehta has said that the case relates to 1993 "when many of us were not in Sebi and as such have no personal knowledge about it." Powered by YOU MAY ALSO WANT TO READ:
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