Also comes out with fresh disclosures

Sebi, however, clarified that prima facie there was nothing in the regulations prohibiting JM Morgan Stanley from handling the buyback programme. The Indian Express had reported on January 8 that Sebi had given its go-ahead to Reliance subject to certain disclosures to shareholders.

Anil Ambani, who is engaged in a bitter battle with elder brother Mukesh, had shot off a letter to Sebi after the last RIL board meeting, seeking ‘‘full and fair’’ disclosure of details relating to various issues to protect RIL shareholders. In its disclosure, RIL also informed shareholders about the statement Mukesh Ambani made soon after the controversy broke out in November 2004. Mukesh had then said Dhirubhai Ambani had separated ownership from the management of RIL in his lifetime.

RIL also reiterated that four companies — Reliance Polyolefins, Reliance Aromatics & Petrochemcials, Reliance Energy & Project Development and Reliance Chemicals — held 4.7 per cent equity share in RIL and were listed as persons acting in concert.

The Anil camp had alleged that Mukesh had taken control of this 4.7 per cent stake held by the four companies by giving interest free loans to these 4 companies. RIL clarified that these companies disclosed as PAC would not be participating in the buyback programme. About the 7.5 per cent held by Petroleum trust, RIL said holding of the trust has been shown a part of ‘‘promoters’’ and that another group company Reliance Industrial Investment and Holding Ltd is a sole beneficiary of the Trust.