Anil Ambani claimed that the terms and conditions of the SEBI’s consent order relating to two ADAG group firms - Reliance Infrastructure Ltd. and Reliance Natural Resources Ltd. (RNRL) - were proposed by the group.
The terms in the order, including the decision by him, four directors and two companies to keep away from the market for a specific period, were voluntary and the market regulator SEBI has not imposed any ban on the companies or their directors from participation in the capital market, he said.
Anil Ambani pulled up the media for calling the consent order "a ban", saying that it was totally false, highly defamatory and detrimental to the interests of our over 11 million investors”.
"we consulted many lawyers on the case ... and 99.9% of them recommended us to go for a settlement through the consent order mechanism,” he added.
Reliance Infrastructure and RNRL (which has been merged with Reliance Power Ltd.) have no current plans to buy companies but they could do so through an open offer if needed, Anil Ambani said.
Anil Ambani said that as per the consent order agreed by SEBI and ADAG, Reliance Infrastructure and RNRL will keep away from the secondary market till December 2012.
SEBI has stated that its investigations, launched in June 2009, had revealed that Reliance Infrastructure and RNRL misused funds raised abroad by diverting them into the local stock market.
SEBI said its investigations found Ambani's two companies were "responsible for misrepresenting the nature of investments in 'yield management certificates/deposits' and the profits and losses thereof," in their annual reports for the years ending in March 2007, 2008 and 2009.
Anil Ambani declined to discuss the charges or the terms of the consent order reached with SEBI.
For more info- http://www.indiainfoline.com/Markets/News/Anil-Ambani-refutes-charges-of-SEBI-ban/5051791437
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