REL INVESTORS ALLEGE THAT RELIANCE POWER TRYING TO RUSH WITH IPO BY MODIFYING ORIGINALLY PROPOSED TERMS IN ORDER TO AVOID PUBLIC SCRUTINY .
URGE SEBI AND SAT NOT TO ALLOW THE IPO WITHOUT GOING INTO CONCERNS RAISED BY REL INVESTORS
Mumbai /Delhi December 3, 2007 Reliance Energy Limited (REL) Investor’s Forum along with Rajkot Saher/Grahak Suraksha Mandal in a letter written to Securities and Exchange Board of India (SEBI) have demanded immediate holding of the proposed IPO of Reliance Power limited without going into concerns raised by the investors .
REL investors forum in the letter has alleged that SEBI has cleared the issue in haste without addressing concerns of Reliance Energy investors.
The investors alleged “the Discounts being announced by Reliance Power through media to retail investor is only a gimmick. High premium being charged from public who are being hoodwinked with a facility to pay in instalments. Promoters enriching themselves with shares issued at cheap price of Rs 10 per share” Said Prakash Krishnan of the forum.
SEBI should not allow the IPO to go ahead without studying the verdict of Securities Appellate Tribunal and courts. Public should not suffer.
Poor corporate governance already affecting power sector especially in Delhi under BSES Rajdhani and Yamuna. Consumers suffering due to high tariffs and erratic supply. Even UPa chairperson Sonia Gandhi has written to Delhi Government on power issues .
Delhi Power Minister Dr A.K.walia during the recently held session of Delhi government had admitted the problems and harassment being faced by Delhiites under BSES.
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