In a country where "business ethics" is considered a contradiction in terms, where mutterings about the "business-political nexus" raises only a few tired eyebrows today, the Reliance group continues to draw extreme responses. From the creator of unequalled wealth for lakhs of shareholders to Devil incarnate, an amoral behemoth which has brutally subverted the nation's politico-economic system to have its cake and devour it, at every opportunity it has got. Says S. Gurumurthy, veteran Reliance-basher: "Most of the major houses have broken many rules and grown because of their proximity to the political leadership. But everyone has a notion of a lakshman rekha which they never transgress. Reliance does not have such a dividing line."
The five allegations that are haunting Reliance, and which have plunged the Indian capital markets into a period of uncertainty unsurpassed since the days of the securities scam are:
- That Reliance has issued fake shares.
- That it has switched shares sent for transfer by buyers to...