New Delhi: The Supreme Court on Friday said the initial public offer of Reliance Power Ltd, slated to open on January 15, will go ahead even if any order is passed by any court in the country against the venture.
"The IPO of Reliance Power Ltd will continue despite any interim order passed against it by any court," a Bench headed by Chief Justice K G Balakrishnan said.
Anil Ambani Group firm Reliance Power had mentioned a petition, pointing out that a person had filed a law suit in a Mumbai court to restrain it from coming out with its IPO.
The IPO is expected to be the country's biggest sale of shares and raise more than Rs 11,000 crore.
Advocates Harish Salve and Mukul Rohatgi, appearing for Reliance Power contended that if the Bench did not pass the order to protect the company there would be hindrance for it to come out with the IPO.
"There has been flagrant abuse of law," they said, referring to the lawsuit filed yesterday in a Mumbai court by one Ghanshyam R Mehta.
They said it was a tactical move as any order passed by the court in Mumbai would remain unchallenged, as the apex court would not be sitting from tomorrow till Monday.
The Bench, which did not pass a blanket stay on the proceedings relating to the IPO in courts across the country, agreed with its counsel that even if any order was passed it would not come in the way of going ahead with the public offering.
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