Mumbai, Oct 15 (IANS) Industrialist Anil Ambani Thursday alleged “vicious and malafide” campaign against his group companies by a “known rival group” and said the timing was similar to the one two years ago when a public issue of Reliance Power was launched.
“This sequence of events accompanied by the usual hammering of our group stocks is to create panic and loss of confidence, and to cause huge losses to our over 11 million loyal shareholders,” Ambani said during a conference call.

“Nearly two years ago in 2007-08, when we were launching our Reliance Power public offer, and on its listing, there was a similarly vicious campaign of disinformation and hammering of our stocks to sabotage the offer,” he said.

“This time, too, all the events are being stage-managed and blown out of proportion by our known corporate rival at a time when there are important developments concerning our group,” Ambani said, adding complaints will be filed with the markets watchdog and police.

Reacting to reports about one of his group companies Reliance Communications, he said it was shocking that a series of non-issues were being sensationalised even as baseless allegations were being levelled against it over the past many days.

“The most crucial aspect of this matter, which is conveniently being ignored, is all of these revenue figures have been reported by the company itself,” Ambani said, adding both the statutory audit and a peer review had already been conducted.

He said Reliance Communications was fully compliant with all the regulations specified by the markets watchdog and the telecom regulator, adding if any legitimate demand is made towards licence fee, Reliance Communications will wilfully pay the same.

According to Ambani, even before receiving a copy of the alleged special audit report on the company, selective extracts were leaked and widely distributed to the media that clearly illustrates the hidden intent and malafide design.

Ambani went on to add that the alleged remarks by the special auditor were arrived at in a completely unilateral manner, apart from being biased and prejudiced, and went beyond the scope of the work assigned.

He said the campaign has also been launched at a time when the group has filed a draft prospectus with the market regulator for a public issue of Reliance Infratel.

Then, Ambani added, was the “all important” hearing next week in the Supreme Court of the dispute with elder brother Mukesh Ambani-led Reliance Industries over gas supplies from the Krishna-Godavari basin.