Has Reliance Industries violated the takeover code by not disclosing to the Securities and Exchange Board of India (Sebi) when its stake in Larsen & Toubro exceeded the threshold five per cent limit?
The legal opinion of a retired chief justice of India, submitted by the company to Sebi, said there was no violation, while the legal department of Sebi feels that there is a technical violation. The capital market watchdog is likely to come out with its verdict soon.
Sebi has sent a preliminary investigation report to the finance ministry. Here are details, as per the report, of what the various parties involved in the transaction have to say on the deal:
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