The Hindu Business Line : Govt assurance on Reliance probe

THE Additional Solicitor-General , Mr K.K. Sud, has submitted to the Delhi High Court that the Government would take necessary action for launching prosecution against group companies of Reliance Industries where official investigations have revealed violation of statutory provisions by these entities.

These offences are not compoundable, he further said.

Mr Sud made this submission during Wednesday's hearing of a public interest litigation petition filed by the Janata Party President, Dr Subramanian Swamy.

In the petition, Dr Swamy sought a probe into several alleged irregularities by Reliance Industries, including parking of Rs 940 crore of UTI, LIC and GIC funds as investments in various group companies in violation of law and retaining $1.3 billion in external commercial borrowings in banks abroad since 1995 while loans were taken for its projects.

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