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 shareho...