Hardening its stance on transfer of shares of new companies carved out of Reliance Industries to it, Anil Dhirubhai Ambani group has sent a barrage of legal notices, warning criminal proceedings against Mukesh Ambani group-promoted companies and others involved in the process.
Accusing Mukesh group of trying to get 'demutualised' shares converted to physical shares, ADAG recalled that it had been given 'irrevocable' powers of attorney (PoAs) to enable transfer of shares of four new companies and said if the other side had succeeded, the PoAs would have become useless.
When contacted, an ADAG spokesperson confirmed that legal notices were sent from Friday night onwards to Mukesh group-promoted companies, JM Financial and Karvy Consultants and Depository Participants and Registrars.
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