Stock exchanges to probe Anil’s IPCL exit

The Securities and Exchange Board of India (Sebi) has asked stock exchanges to probe whether IPCL has violated any listing norms following the resignation of Reliance Industries’ Vice Chairman and managing director Anil Ambani from the IPCL board.

The matter (directorship and related correspondence) came up for a review at the weekly surveillance meeting with exchanges held last evening. As both Sebi Chairman M. Damodaran and other top officials are not in town, no formal order has been issued by Sebi, sources said.

The exchanges have been asked to monitor trading in IPCL scrip and look into company’s conformity with provisions of the listing agreement. IPCL had yesterday said that Anil Ambani’s resignation from its board of directors became effective from January 20 this year when the board considered it but Anil Ambani claimed he had not heard anything from company on his status as director of board. The stock exchanges were also not informed of this crucial price sensitive development. The stock exchanges also sent a directive today to IPCL to clarify all the developments leading to Anil Ambani’s resignation.