Reliance Power can go ahead with IPO: Supreme Court

Senior advocate Harish Salve, seeking an urgent hearing into the matter, apprehended that if somebody approaches any court anywhere seeking a stay on the public offer, it would not be possible to get it vacated before January 15, the date when the IPO is slated to be launched.

Drawing his point, Salve cited how an individual had filed a lawsuit in a Mumbai court to restrain it from coming out with its IPO.

Just two days ago, the apex court had also stayed proceedings in the Gujarat High Court against Reliance Power8217;s IPO. The bench, headed by the Chief Justice stayed the hearing on a PIL, which had sought direction to restrain the company from coming out with its IPO. However, RPL had argued that the petition was intended to scuttle the country8217;s largest IPO, which is being issued to set up projects of national priority involving generation of 28,000 MW of power.