Sebi didn't respond to complaint: Anil Ambani

Ahead of the initial public offer of Reliance Power Ltd, Chairman Anil Ambani today said a concerted effort was made to create problems for share sale and that he expected more trouble, but he underlined that the company would overcome all hurdles.

"Sebi has not responded to our complaint... but the best response has come in the form of their approval for the IPO," Ambani said, when asked about the market regulator's response to complaints his group had lodged, alleging that some officials of Reliance Industries, headed by his brother Mukesh Ambani, were trying to sabotage the IPO.

On whether he expected further trouble over the IPO which hits the market on January 15 to raise up to Rs 11,700 crore, Ambani said: "There will be hurdles... our challenge is to cross those hurdles and proceed with further growth and value creation."

Pointing out that about 40 to 50 members of parliament had made complaints against the Reliance Power IPO to the government and other agencies, Ambani said, "All the complaints were identical in draft and even in spelling mistakes... those behind this should have at least thought of preparing 25-30 different drafts."

In the run-up to the IPO, the finance ministry had sent a number of complaints that it had received to the ministry of corporate affairs and Sebi.

The Anil Dhirubhai Ambani Group also wrote to Sebi naming 13 officials and associates of Reliance Industries, alleging that they were involved in trying to sabotage the IPO.