Reliance Industries Ltd has denied any irregularities in the private placement of shares to the Unit trust of India in 1994.

Responding to some newsreports, a Reliance spokesperson stated, "It is unfortunate that a section of the media is deliberately being manipulated by our corporate rivals, as part of a continuing campaign of calumny and disinformation, to repeatedly sensationalise issues which are more than 8-0 years old, and on which there are no adverse conclusions against Reliance."

The matter relating to the allotment of shares to UTI in 1994 has been examined at great length in the past, by various regulatory authorities, including the Securities and Exchange Board of India, the Department of Company Affairs, several audit firms, and various committees constituted by the government, the spokesman said.

"On successive occasions, three finance ministers have commented on this matter on the floor of Parliament. The CBI has also filed affidavits on the matter before the Delhi high court. It has consistently been stated by each of these authorities/organisations that there are no irregularities in the allotments made to UTI, and no further investigations are necessary," the Reliance spokesman added.

The Tarapore committee has recorded a categorical finding that these investments in RIL shares by UTI have been profitable, he said.

Reliance said it "reiterates that it has complied with all applicable laws, rules and regulations, and that the allotments to UTI in 1994 were properly and validly made. The company received legal opinion on the matter, confirming that there are no irregularities in this matter, and that Reliance and its board of directors have acted in good faith, in proper exercise of their powers, in making such allotments."