Reliance Cos. Under Fire In India After Complaints

Law360, New York (February 18, 2009, 12:00 AM EST) -- The Indian government has reportedly received two separate complaints for insider trading and foreign exchange violations by Reliance Petroleum Ltd. and Reliance Infrastructure Ltd., respectively, two companies owned by the country’s billionaire Ambani brothers.

India’s acting finance minister, Pranab Mukherjee, told the country’s house of representatives, the Lok Sabha, on Wednesday that the Securities and Exchange Board of India had received at least one complaint of insider trading against Mukesh Ambani’s Reliance Petroleum in the past three years, Dow Jones reported.

Mukherjee added that the SEBI...
To view the full article, register now.