INSUBCONTINENT EXCLUSIVE:
The Bombay High Court has asked Reliance Power , an Anil Ambani Reliance Group (ADAG) company, and the Edelweiss Group to resolve amicably
the dispute over the sale of pledged shares, giving the warring parties a fortnight to arrive at a settlement.
Judges would hear the case
again if the two parties failed to reach an agreement beyond the courtroom on the disputed share sale that caused ADAG shares to lose $1.8
billion in market value.
Reliance Project Ventures Management had approached the court against the sale of pledged shares by ECL Finance,
Patil and Justice NM Jamdar gave two parties the time to resolve the dispute without judicial intervention.
During the hearing, Prasad
Dhakephalkar, the counsel for Reliance Project, argued that Edelweiss sold its shares in large quantities, leading to a price crash.
ADAG
also alleged that not enough notice was given to the company before the pledged shares were sold
Reliance Project owned shares of Reliance Power, which slumped more than 50 per cent in two days after Edelweiss began selling the stock in
Senior counsel Janak Dwarkadas, representing Edelweiss, argued that the company can pay Rs 190 crore to release the remaining pledged
