HC denies stay on pledged share sale

MUMBAI: Anil Ambani-led Reliance Power (RPL) on Wednesday moved the Bombay High Court seeking to reverse the sale of its pledged shares by the Edelweiss group, but the court refused to grant any interim relief to the embattled group. A single judge bench headed by KR Shriram refused to order the reversal of the sale process or grant any other relief to the company and posted the matter for detailed hearing on Thursday. Significantly, the petition does not name L&T Finance as a respondent in the case, though Reliance group had also named it in a public statement last Sunday. The move comes after a war of words between the two companies last week after the Edelweiss and L&T Finance had sold pledged shares of Reliance Power and other group companies following steep correction in stock prices after Reliance Communication decided to file for bankruptcy on February 1.