| The bench headed by Chief Justice K G Balakrishnan also issued notice to the Gujarat-based organisation which has challenged the IPO. |
| Earlier, the Bombay High Court had rejected a petition filed by the organisation, in which the latter had accused Reliance Power and Reliance Energy of violating Securities and Exchange Board of India (Sebi) regulations. |
| The petitioner than moved to the Gujarat High Court. After today's stay, the public issue will go forward without any further legal hindrance. |
| Senior counsel Harish Salve, arguing for the company, said that one person, who had rushed to buy 51 shares in Reliance Energy, was behind the harassment of the company. |
| The counsel said the PIL had now become a tool for surrogate corporate war. |
| "At this rate, anyone can move the court against the mega issue in any part of the country and it will become impossible for companies to offer public issues because of multiple litigation. Such a petition was condemned by the Supreme Court years ago in the famous Morgan Stanley case. The court had laid down in the case that any such petition should be filed in the place, where the company has the registered office. In this case, Mumbai was the place where the petition could be filed. However, the petitioners have chosen to move the Gujarat High Court to harass the company," Salve said. |
| Salve said the company was expecting 70 per cent foreign equity and such litigations would affect the entire capital market. "This is an international project and the world is watching us," he added. |
| The company is engaged in setting up projects to generate 28,000 mw power. |
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