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29 January, 2015 19:50 IST
No accounts with HSBC in Geneva: RIL clarifies on IAC allegations
Source: IRIS | 09 Nov, 2012, 06.26PM
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Reliance Industries has denied all allegations made by India Against Corruption (IAC) against Reliance (Q,N,C,F)* and Mukesh Ambani.

''Neither Reliance Industries nor Mukesh Ambani have or had any illegitimate accounts anywhere in the world,'' the company said.

Reliance Industries has business interests in several countries with turnover of thousands of crores in Rupees. 

As a part of their normal business, these international subsidiaries of Reliance Industries deal with several global banks including HSBC.

These accounts are fully compliant with all regulations and are disclosed in their appropriate jurisdictions and in India. 

''The continued tirade of baseless allegations being made by IAC against us appears to be instigated by vested interests,'' it concluded.

Shares of the company declined Rs 8, or 1%, to settle at Rs 788.60. The total volume of shares traded was 699,328 at the BSE (Friday).

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