Anil Ambani group's Reliance Infratel Ltd appears to be facing maximum problem in Uttar Pradesh, where the government has filed over five dozen cases on property and stamp duty disputes against the company, which is planning an IPO to raise up to Rs 6,000 crore."There have been 66 cases against our company by the Uttar Pradesh Government before the Court of Additional Divisional Commission, Additional District Magistrate or the Collector," said the draft prospectus filed with market regulator SEBI yesterday.
The company has proposed an IPO within days of another group company Reliance Power raising Rs 11,560 crore through a maiden public issue. The issue was oversubscribed 73 times, even as other companies like Emaar and Wockhardt are finding it hard to attract investors.
Most of the cases filed by the UP government against Reliance Infratel pertain to property disputes and payment of stamp duty, the draft red herring prospectus said.
In addition, the company is also facing property related litigations and consumer disputes concerning noise and air pollution in different parts of the country.
Courtesy:ibnlive.com
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