@ksh@T 20 Report post Posted February 5, 2008 MUMBAI: 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 of property and stamp duty disputes against the company, which is planning an IPO to raise 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 on Monday. 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. The disputes relating to property and pollution assumes significance as the company is primarily engaged in setting up towers for facilitating wireless communication. According to the draft document, the company proposes to utilise about Rs 4,623.7 crore of the public issue to set up 16,000 passive infrastructure sites for wireless communication. The company proposes an initial public issue of 8.9 crore equity shares at a face value of Rs 5 each. anil ambani go more with amar singh! Share this post Link to post Share on other sites
supernova 47 Report post Posted February 6, 2008 yeah . and all this BIG b FUNCTIONS Share this post Link to post Share on other sites
