Anil Ambani-led Reliance Power has asked the Sebi to immediately ban Edelweiss Group from the capital market, alleging "illegal and market disruptive activities" to cause a steep plunge in the company's share price.
Reliance Group, last week, accused L&T Finance and Edelweiss Group entities of "illegal" and "motivated" actions in invoking the pledged shares of Anil Ambani group's three listed firms and selling them in open market causing a steep fall in share values.
L&T Finance and Edelweiss Group have refuted the allegations and have counter-alleged that Reliance Group failed to make timely payments, which they said necessitated sale of pledged shares.
Reliance Power, in a fresh letter to the Sebi dated February 11, also asked the markets regulator to declare all Edelweiss Group entities as not being "fit and proper" and impose a ban on each of them from the capital markets and related activities.
It also asked the regulator to investigate the sale of Reliance Power shares by Edelweiss Group on February 4-5.
When contacted, a Reliance Group spokesperson referred to an earlier statement in which boards of three listed companies of the group -- Reliance Power, Reliance Infra and Reliance Capital -- had approved and recommended "all appropriate legal steps" to protect shareholders' value.
"We will take all legal steps necessary to protect and enhance the value of our stakeholders, including pursuing the matter with an appropriate regulator," the spokesperson added.
An Edelweiss Group spokesperson in a statement said, "We have always, and will continue to respect the law of the land. We do not want to be drawn into any unnecessary controversy. Regardless the matter is in court."