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Business News/ Politics / Govt briefs lawmakers on Adag, RIL probes
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Govt briefs lawmakers on Adag, RIL probes

Govt briefs lawmakers on Adag, RIL probes

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New Delhi: The Enforcement Directorate is investigating some companies of the Anil Dhirubhai Ambani Group (Adag) following allegations of money laundering in association with Mauritius-based fund, Pluri Emerging Companies PCC Cell E, and UBS Bank, London, S.S. Palanimanickam, junior minister in the finance ministry, told the Rajya Sabha on Tuesday in a written reply.

“It may, however, not be possible to indicate a time frame for conclusion of enquiries/investigations," Palanimanickam said.

Adag’s spokesperson could not be reached for comment.

In response to a separate question, Namo Narain Meena, another junior minister in the finance ministry, said Reliance Industries Ltd had filed an application for consent on 5 November 2009 in the wake of capital market regulator Securities and Exchange Board of India’s (Sebi) quasi-judicial proceedings against the company following investigations into the trading pattern “in the scrip of Reliance Petroleum Ltd (RPL) for the period 1 November 2007 to 29 November 2007".

Sebi investigated the trading pattern in RPL to identify possible violations under different regulations, including the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992.

“The consent terms proposed by RIL were not found acceptable by Sebi and it conveyed this to RIL," Meena’s written reply said.

RIL’s spokesperson declined to comment.

sanjiv.s@livemint.com

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Published: 04 May 2010, 10:52 PM IST
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