Two Reliance Officials In Custody

Chief metropolitan magistrate Sangita Dhingra today remanded Reliance group vice-president A N Sethuraman and general manager (corporate affairs) Shanker Adawal to judicial custody till May 13, while issuing a non-bailable warrant against Reliance group president V Balasubramaniam for alleged violations of the Official Secrets Act.

The court, following a complaint filed by the Central Bureau of Investigation (CBI), had summoned the three Reliance officials to appear before it today. Rejecting the bail applications of Sethuraman and Adawal, Dhingra remanded them to judicial custody for 14 days. The two were immediately taken to the court lock-up from where they were taken into judicial custody. The proceedings were held in camera.

 

Reliance Industries and Reliance Petroleum came under selling pressure on the stock markets today on reports that the two Reliance executives had been arrested.

The Reliance Industries stock price fell 4.8 per cent to Rs 274.60 on the Bombay Stock Exchange, down from its intra-day high of Rs 288.50. More than 27.59 lakh shares changed hands through 15,950 trades. Reliance Petroleum' share price lost 3.13 per cent at Rs 24.75, down from its intra-day high of Rs 25.60. Around 26.23 lakh shares changed hands through 2,580 trades.

After the order was passed, the Reliance counsel moved the district and sessions judge with bail applications. The court marked the bail application for additional district and sessions judge RK Gauba, who posted the matter for hearing on May 1.

Balasubramaniam, the third accused in the CBI complaint filed on March 16, was not present in court as he had been advised bed rest following a brain tumour operation recently in the United States. Rejecting Balasubramaniam's application seeking exemption from the proceedings on medical grounds, the court issued a non-bailable warrant against him. The Reliance counsel has moved a separate application for the cancellation of the warrant, which will come up for hearing tomorrow.

In its complaint, the CBI has charged Balasubramaniam, Sethuraman and Adawal of committing offences under Section 120-B (criminal conspiracy) read with Section 5(4) and 5(2) of the Official Secrets Act and filed a separate charge against Balasubramaniam under Section 5(4) read with 5(2) of the Act.

IPCL bids

Our Energy Editor in New Delhi

Indian Oil Corporation, Reliance Industries and detergent maker Nirma today submitted their price bids for acquiring 26 per cent government equity and management control of Indian Petrochemical Corporation Ltd (IPCL). Reliance