Company Affairs Ministry not to intervene: Gupta

The Ministry of Company Affairs said on Wednesday that it will not take suo moto cognisance of the alleged flouting of corporate governance ...

The Ministry of Company Affairs said on Wednesday that it will not take suo moto cognisance of the alleged flouting of corporate governance norms by the Reliance group.

‘‘There is no point in disturbing such a big industrial house which has created wealth for millions of its shareholders as well as huge infrastructure for the country,’’ Company Affairs Minister Prem Chand Gupta said.

‘‘Gupta said Sebi had taken a step as per listing agreement of the group, which is not under the jurisdiction of his ministry. He said unless the ministry receives specific complaints against Reliance, it would not initiate any steps against the group. ‘‘What is the point if we appoint certain babus to monitor the affairs of the group. What will such an action yield?’’ he said.

S&P raises concern

MUMBAI: Global rating firm Standard & Poor’s has raised concern over the infighting in the Reliance group. ‘‘The current differences between the Chairman and Vice-Chairman of Reliance have a greater potential to weaken the Reliance group’s other businesses, rather than its core oil refining and petrochemicals business, particularly its day-to-day operations,’’ S&P said. — ENS

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