Market regulator Securities and Exchange Board of India on Wednesday said it will take appropriate action on complaints filed by Reliance Industries' vice chairman and managing director Anil Ambani, who is engaged in a bitter battle with his elder brother Mukesh on ownership issues.
"We have received certain letters from the company's vice chairman and managing director (Anil Ambani). We are acting on those letters... We will do whatever is necessary," Sebi chairman M Damodaran said on the sidelines of a Confederation of Indian Industry annual session in New Delhi.
Damodaran said Anil's letters talk about some issues, but declined to elaborate. "We know about those issues and we know how to address those issues. We have started looking at those issues."
Asked what actions the regulator was contemplating on Reliance on the basis of Anil's letters on alleged breach of corporate governance norms, he said, Sebi will take "actions on whatever is merited in the circumstances of what the contents of the letter are."
Without mentioning the probe carried out simultaneously by the ministry of company affairs, Damodaran said, "some of the issues are not actionable by us. There are other authorities who need to look into it."
"Whatever is actionable by us, we will do whatever is necessary," he added.
