The Telegraph
Since 1st March, 1999
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Infocomm scoffs at share bias

Mumbai, Jan. 30 (PTI): Reliance Infocomm today dismissed the share allocation reports as 'totally false and baseless'.

Asserting that there was no discrimination in the share allotment, a company statement said, 'The systematic and deliberate propaganda is targeted at Relinace Infocomm and its chairman.'

The Mukesh Ambani-controlled company said it has been alleged that Reliance Infocomm and Reliance Communications Infrastructure Limited (RCIL) have allotted shares to Reliance Industries Limited (RIL) and companies (investment firms) at different rates to the detriment of the RIL shareholders.

'This allegation is baseless,' it added.

Detailing the equity pattern of RCIL, the holding company of Reliance Infocomm, it said, 'Both RIL and companies (investment firms) have been issued the same number of shares at the same price at the same time.'

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