[Gtkhs] More Disclosures about allotment of Reliance Shares at a Discount (Edition -1)(7946)

[Kishor Aggarrwal]

More Disclosures about allotment of Reliance Shares at a Discount (Edition -1)(7946) 


The controversy over allotment of shares in Reliance Infocomm took a new turn today with allegations that Mr.Manoj Modi is not the only beneficiary of Reliance Shares at a discounted price. 
According to Reliance sources, the discounted shares are allotted to more politicians, bureaucrats, relatives and friends. These Politicians are from ruling parties as well as from the opposition. Mr. Sudanshu Mittal, a close associate of Pramod Mahajan, BJP Leader is not the only beneficiary.
According to Reliance sources, a company called Kaizen Commercial Private Ltd, wholly owned by Manoj Modi and his wife Ms Smita Modi, was allotted 3 crore shares in Reliance Infocomm at Re 1 each in April 2001. This is in contrast to RIL's investment in Reliance Infocomm and its group companies at Rs 250 per share, also in April 2001, they said. Manoj Modi's investment of Rs 3 crore is now worth Rs 500 crore, they said, this calculation being based on the valuation of Reliance Infocomm at Rs 50,000 crore by Merrill Lynch. The gain of Rs 497 crore to Manoj Modi is at the cost of 30 lakh RIL shareholders, they said. According to them, Reliance Infocomm has always been reported to be owned 45 per cent by RIL, 45 per cent by the Ambani family and 10 per cent by employee trusts. Some time ago these sources had made allegations about the business dealings of Anand Jain (another close confidante of Mukesh Ambani) with RIL.
A partial list of beneficiaries of Reliance Shares at a discount had already been given to Government of India for investigation. The role of Mr. Bala Subrahamaniam, Delhi Head of Reliance Industries Ltd is also under vigilance. Central Bureau of Investigation has also been directed to investigate the old cases registered against Mr. Bala Subramaniam.
Different Investigating agencies are scrutinizing the names of beneficiaries of discount shares bribed by Reliance Group.
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More Disclosures about allotment of Reliance Shares at a Discount (Edition -1)(7946) 


The controversy over allotment of shares in Reliance Infocomm took a new turn today with allegations that Mr.Manoj Modi is not the only beneficiary of Reliance Shares at a discounted price. 
According to Reliance sources, the discounted shares are allotted to more politicians, bureaucrats, relatives and friends. These Politicians are from ruling parties as well as from the opposition. Mr. Sudanshu Mittal, a close associate of Pramod Mahajan, BJP Leader is not the only beneficiary.
According to Reliance sources, a company called Kaizen Commercial Private Ltd, wholly owned by Manoj Modi and his wife Ms Smita Modi, was allotted 3 crore shares in Reliance Infocomm at Re 1 each in April 2001. This is in contrast to RIL's investment in Reliance Infocomm and its group companies at Rs 250 per share, also in April 2001, they said. Manoj Modi's investment of Rs 3 crore is now worth Rs 500 crore, they said, this calculation being based on the valuation of Reliance Infocomm at Rs 50,000 crore by Merrill Lynch. The gain of Rs 497 crore to Manoj Modi is at the cost of 30 lakh RIL shareholders, they said. According to them, Reliance Infocomm has always been reported to be owned 45 per cent by RIL, 45 per cent by the Ambani family and 10 per cent by employee trusts. Some time ago these sources had made allegations about the business dealings of Anand Jain (another close confidante of Mukesh Ambani) with RIL.
A partial list of beneficiaries of Reliance Shares at a discount had already been given to Government of India for investigation. The role of Mr. Bala Subrahamaniam, Delhi Head of Reliance Industries Ltd is also under vigilance. Central Bureau of Investigation has also been directed to investigate the old cases registered against Mr. Bala Subramaniam.
Different Investigating agencies are scrutinizing the names of beneficiaries of discount shares bribed by Reliance Group.
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18 Jammu and Kashmir officials suspended 


Jammu: Eighteen officials, including 14 gazetted officers of Jammu and Kashmir education department were placed under suspension for their unauthorised absence from their duties in Baramulla district of Kashmir valley.
The orders of suspension were issued by the Director Education, Kashmir, G A Peer, as a follow up action after the instructions by the Minister of State for Education G N Lone.
The minister today inspected various education centers in Baramulla district and during his inspection at Sopore, he found a maximum number of staff unauthorisedly absent from duty.
The minister issued on-the-spot instructions to the director education, Kashmir to initiate immediate action against erring officers and officials under rules.
The director education, Kashmir has also issued orders for initiating disciplinary action and enquiry in the case.
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