ADAG chairman Anil Ambani on Friday missed a hearing at the Securities and Exchange Board of India (Sebi) in a case related to alleged violation of share market norms by group companies.
Sources said ADAG has asked Sebi to postpone the hearing.
On August 2, Sebi issued notices to ADAG companies?Reliance Natural Resources and Reliance Infrastructure?and their chairman Anil Ambani, asking him to appear before the regulator for a personal hearing on Friday. Four other officials of the companies were also summoned.
On June 7, Sebi issued showcause notices to the two companies and its officials in a matter related to share market transactions.
The capital market regulator asked the two companies to reply to the notices by June 30.
Sebi said the recipients of the notices did not give their replies on time and asked the regulator to postpone the hearings.
The regulator asked the companies to inspect the documents on August 17 and submit their replies by August 27 before appearing for a personal hearing on September 3.
Reliance Infrastructure executive vice-chairman Satish Seth, directors SC Gupta and JP Chalsani and whole-time director Lalit Jalan are the other officials who have been issued show-cause notices, Sebi said.
ADAG had earlier said Reliance Infrastructure, RNRL and the officials concerned will comply with the due process of Sebi and are confident of suitable resolution to the matter.
On Friday, Reliance Infrastructure shares ended at Rs 1,033.35 on National Stock Exchange, up 1.7% from previous close. RNRL shares closed up 1.1% at Rs 38.90.