HC asks Reliance group firms, Edelweiss' NBFC arm to settle out of court

The Reliance group companies had moved Bombay HC seeking damages from Edelweiss for selling its shares "illegally"

The Bombay High Court (HC) on Tuesday asked Anil Ambani-led Reliance group companies and Edelweiss’ non-banking financial (NBFC) arm ECL Finance to try and find a workable solution out of court. The next court hearing would be on March 26.    

Lawyers representing Anil Ambani group companies — Reliance Wind Turbine Installators Industries and Reliance Project Ventures and Management — said the company is looking for a strategic investor who can buy promoter shares and gain control of the company. No particular company was mentioned. 

Counsels representing the two sides reiterated their arguments on the sale of pledged shares.

Janak