Sale of pledged shares by L&T Finance, Edelweiss illegal: Reliance Group

Reliance Group accuses L&T Finance and Edelweiss of illegal, motivated actions; the two firms refute charges

Anil Ambani-promoted Reliance Group alleged on Friday that misconduct by certain non-banking financial companies (NBFCs), particularly L&T Finance and Edelweiss, had led to the recent slump in shares of some of its companies, and termed their action “illegal, motivated, and wholly unjustified”.

L&T Finance and Edelweiss refuted the allegations and said they had followed the due procedure.

Sources said while lenders were within their rights to sell the shares, the manner in which the share-sale was conducted was the real bone of contention. L&T Finance and Edelweiss might approach the Securities and Exchange Board of India early next week to