Continuing its attack on the Anil Dhirubhai Ambani Group, the Mukesh Ambani camp on Tuesday alleged that shares of their group worth nearly Rs 535 crore (Rs 5.35 billion) were transferred "fraudulently" -- a charge denied by ADAG stoutly.
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The Mukesh camp said they were contemplating initiating "criminal process". "More than 1.52 crore (15.2 million) shares were fraudulently transferred over the past couple of days by the ADA Group by using notarised copies of the Power of Attorney at two places," Sandeep Tandon, chairman of the four resulting companies as per the scheme of demerger, told PTI on Tuesday.
He further said, "Even if we take the minimum of today's value of these shares at Rs 350 each, the total estimated value of these shares will be around Rs 352 crore (Rs 3.52 billion)."
"We are contemplating criminal process for this fraudulent act," he said. Giving details of the alleged action by the ADAG, Tandon said these shares were held by three different companies and each had executed special Power of Attorney in favour of Amitabh Jhunjhunwala, Gautam Doshi and Satish Seth, each belonging to Anil Ambani camp.