Mumbai: The Bombay High Court has rapped the Anil Ambani group company Reliance Power and its management for attempting to “mislead” the court by a petition that’s “smacked of deceit.” The sharp words came from judge KR Shriram of the Bombay High Court while hearing a Rs 2,700-crore defamation suit filed by Reliance Power against financial services company Edelweiss group for selling its pledged shares earlier this month after a massive plunge in share value.
On February 13, the judge refused to grant any interim relief against Edelweiss or order a stay on the sale process, saying there was no prima facie merit in plea, and that he would record the reasons for denying it interim relief later. At the hearing on Thursday, the judge observed that the entire plea made by Reliance Power “smacked of deceit” and is an attempt by them to “mislead the court”.
The Reliance group had argued that the sale of its pledged shares by Edelweiss’ ECL Finance was illegal and must be stopped as the sale is illegal and void, and sought a compensation of over Rs 2,700 crore for the fiscal and reputational losses.