Former IAS officer files complaint against RIL

11 July, 2012

After CAG report pointed out the irregularities by Mukesh Ambani-led Reliance Industries on Krishna Godavari Basin, a retired IAS officer has complained to SEBI, demanding a deep probe on RIL for allegedly duping the customers.

RETIRED IAS officer and convener of ‘Forum for better Visakha’ EAS Sarma has demanded the SEBI (Securities and Exchange Board of India) to investigate into the Reliance Industries Limited (RIL) for allegedly duping the investors.

Regarding this, he had complained to the SEBI a few days ago. The main plea of Sarma is that RIL has intentionally not revealed to the investors the reserves in the KG Basin not up to the mark as estimated earlier. The joint partner of the RIL ‘NIKO’ which belongs to Canada has said few days back that the reserves in the D-6 of KG basin are as low as 80 percent according to the earlier estimates.

Even though the RIL has not been informed the same to its investors, the complaint stated. By hiding the truth the RIL has increased its share value, it alleged. The retired secretary is settled in Visakhapatnam after his retirement.

The complainant was the former secretary of energy for country. Following are the some points highlighted in his complaint:

What is the loss to the investors as per the sayings of RIL that KG Basin has abundant reserves?

A deep probe is required on the RIL by increasing the share value duping the customers hiding the truth.

If the report of ‘NIKO’ was true what action is to be taken against RIL?