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BJP MP alleges Reliance Infra of violating forex regulations

BJP MP alleges Reliance Infra of violating forex regulations
PTI
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First Published: Thu, Feb 19 2009. 01 11 PM IST
Updated: Thu, Feb 19 2009. 01 11 PM IST
New Delhi: A senior BJP leader on Thursday alleged that Anil Ambani group’s Reliance Energy had violated foreign exchange regulations for an amount of over Rs8,600 crore, but the company denied the charge and said its “well known corporate rivals” were behind it.
BJP MP Santosh Gangwar, who is also the party’s chief whip in Lok Sabha, demanded a probe into the matter and said that the group had also taken loans from various banks, including nationalised banks, to the tune of Rs75,000 crore without submitting sufficient collateral.
Reacting to allegations, an ADAG spokesperson said, “We categorically deny all these allegations. It is unfortunate that our well known corp rivals continue to mislead the public by distorting facts and levelling baseless allegations.”
Accusing the ADAG group of being “regular and habitual violators” of FEMA rules on Foreign Currency Convertible Bonds (FCCB) and External Commercial Borrowings (ECB), Gangwar said here that RBI had found Reliance Infrastructure (formerly Reliance Energy) guilty under FEMA.
“The total amount involved in such violation on 31 March, 2007 by Reliance Energy was Rs8,674.96 crore and RBI fine — imposed in August, 2008 — was Rs125 crore,” he said.
“I demand that the Prime Minister and the UPA government investigate this matter to bring out the truth and to prevent such occurrences in future,” Gangwar said.
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First Published: Thu, Feb 19 2009. 01 11 PM IST