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Edelweiss sends defamation notice to Anil Ambani's Reliance Group

Financial services firm Edelweiss has sent a defamation notice to the Anil Ambani-led Reliance Group which cried foul over sale of pledged shares by lenders. Edelweiss had earlier strongly refuted the allegations as "entirely unfounded, baseless and false”. Edelweiss claimed the sale of pledged shares were legal and conducted in accordance with the contractual obligations. It claimed that as per loan and pledge agreements, ADAG Reliance group did not make good various defaults including providing margin for shortfall in the stipulated security cover.  L&T Finance, too, had granted loans against pledged shares to Anil Ambani's Reliance Group companies. 

Read More at Business Today News date : 12 Feb 2019, Tuesday

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