Go Finance Report - Indian billionaire, Anil Ambani has denied that regulators have banned him invest in the stock market. He claimed when he voluntarily ended the long-running dispute.
Joint statement with the Securities and Exchange Board of India (SEBI) agreed that he could not investing in the stock market until December. While the two companies had not invested until December 2012.
Quoted by AFP on Monday (01/17/2011), this agreement is considered unfair, Ambani also said that he had voluntarily accepted the terms proposed.
"There has been a massive mistake and a wrong analysis (by media). Sebi did not forbid me or my company to invest in the market," said Ambani told reporters when a press conference yesterday.
This settlement affects two Ambani-owned company which is part of the Reliance Anil Dhirubhai Ambani Group (R-ADAG). SEBI itself has investigated the investment Reliance Infrastructure and Reliance Natural Resources Ltd (RNRL) since 2009.
The settlement was reached after Ambani agreed after a command to pay 500 million rupees (USD11 million) as cost of completion. These payments are not admitted not as "punishment or fines." Where this is done to protect the interests of investors and avoid lengthy litigation.
Earlier, SEBI issued a notice to Ambani and the group company in June because the investigation due to possible violations of trading rules. The investigation found that Reliance Infrastructure and RNRL known "misunderstanding invest" in the consolidated annual statement of income between 2007 and 2009. (GoFinance)
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