The government has asked capital market regulator Securities and Exchange Board of India (Sebi) for more details of a probe into a case of alleged routing of funds by Reliance Industries (RIL) to dummy companies for buying its own shares in 2000.
"We have said that this is an old case which they (Sebi) should have apparently investigated. What is the outcome of the investigation, we really would like to know. Tell us the benefit of the report on the investigation in order to apply our mind on it," Corporate Affairs Minister Salman Khurshid told PTI.
"We have asked if they (Sebi) have more material on it (RIL), they can provide it to us. All I can say is it was very inadequate material for us to act upon," he said.
Sebi, in its letter to the Corporate Affairs Ministry earlier, had said that the matter of "irregular issue of privately placed debenture (PPD) IV and V by RIL" are being referred for "consideration and appropriate action".
The regulator had separately taken the opinion of retired Supreme Court Judge B N Srikrishna on its probe.
"It's not clear when it is the matter of securities, should it not be Sebi who should look at it. Also, when Justice Srikrishna has given his opinion, what took them six months to refer it to us. We have sought all this clarity," Khurshid said.
Khurshid had, however, said that nobody would be allowed to "dig old graves". "The regulator will do its work. If anybody tries to exert pressure, we will not work under pressure."
