ADAG demands probe into stock prices crash
ADAG demands probe into stock prices crash
There were reports of Reliance ADAG's accounts being examined by ICAI.

New Delhi: Two days after reports that Reliance Anil Dhirubhai Ambani Group's accounts were being examined by the Institute of Chartered Accountants sent stock prices plummeting, the company said that the people behind the rumours have been identified.

Reliance ADAG has charged some stock brokers of spreading disinformation about the group via mass e-mails and SMSes.

The company filed a complaint with market regulator SEBI and the stock exchanges to immediately investigate these illegal trades, and take appropriate action to safeguard the interests of over 11 million investors. ADAG said that share prices dropped because of rumours spread by corporate rivals.

ADAG came out with a statement on Friday, saying, "We have identified stock brokers sending mass e-mails / SMS / voice calls with baseless sensational charges against ADA Group. These brokers are guilty of blatant violation of SEBI Regulations. Bringing matter to immediate attention of SEBI/cyber crime police for seizure of electronic and dealing room records. Seeking full fledged SEBI investigation and punitive interim orders against guilty brokers"

The Supreme Court, monitoring the probe into the 2G scam, on Thursday told the CBI to go after the corporates, which are the beneficiaries of the scam.

According to the CAG report, already tabled in Parliament, ADAG group company Reliance Telecom was one of the biggest beneficiaries of the 2G rollout. There were hence, reports that ADAG's accounts were being examined.

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