Edelweiss case: No interim relief for Anil Ambani group's promoter entities

The Bombay High Court (HC) on Wednesday declined interim relief to the Anil Ambani group’s promoter entities, which had moved a petition asking the court to restrain Edelweiss Financial Services from selling its pledged shares. The court has, however, admitted the petition.
Anil Ambani promoter entities — Reliance Wind Turbine Installations Industries and Reliance Project Ventures and Management — sought damages of Rs 2,700 crore from Edelweiss for selling its shares “illegally”.
On February 8, 2019, the group said L&T Finance and certain entities of Edelweiss Group, invoked pledge of listed shares of Reliance Group and made open-market sales of the value of approximately Rs 400 crore in early February.
The group had said the “illegal, motivated and wholly unjustified action” by the two groups has precipitated a fall of Rs 13,000 crore, an unprecedented 55 per cent, in market capitalisation of the Reliance Group over four days, causing substantial losses to its shareholders.
The petition filed in the Bombay High Court is only against Edelweiss.
Read More

Article Source -> Business Standard