Reliance Media Works clarifies on ED summons
The Anil Ambani-owned Reliance Media Works Private Limited (RMW) on Friday issued a clarification with regard to the Enforcement Directorate (ED) notices sent to two of its officials, to appear before it this week in connection with a matter related to the conversion of Adlabs Limited into Reliance Media Works Limited.
Responding to an earlier story that said that notices were sent to senior RMW officials Ramesh Venkat and Amitabh Jhunjhunwala to appear before the Mumbai branch of the Enforcement Directorate on March 12 and 13 respectively, an RMW spokesman, clarifying the matter, said: "The matter relates to the period when RMW was under the management control of Mr. Man Mohan Shetty. The Company is in full compliance of all regulations vis-a-vis the FCCBs, and has provided necessary information to the authorities," he added.
Earlier, it was reported that the two RMW officials were issued notices to appear before the ED under Section 37 of the Foreign Exchange Management Act (FEMA), along with Section 131(1) of the Income Tax Act.
According to documents available in the public domain, BT Globenet was the initial investor of FCCB-related issues.
The ED is quoted as asking both RMW officials to provide details of the shareholding pattern of the company, besides information on the inflow and outflow of FCCB proceeds from the company’s bank account.
Adlabs is owned by the Anil Ambani-controlled Reliance Land Pvt. Ltd. (RLPL). Reliance ADAG entered the company as majority promoter shareholder in June 2005 after making an Rs.350 crore acquisition.
(Posted on 14-03-2014)