Financial Times

Ambani bros charged with market manipulation
The Securities and Exchange Commission on Friday filed charges of market manipulation against Metropolitan Resource Holdings Limited (MPRH) controlled by the Ambani brothers, court sources said.

The case, filed in the Fort Magistrate's Court, relates to allegations that the Ambani family manipulated the share price of MPRH last year during a restructuring of the company.

Metropolitan Resource Holdings Limited is part of the well-known Metropolitan Group, which is into plantation management and sale of office equipment.

MPRH shares are illiquid and rarely traded. The last big transaction recorded on the Colombo Stock Exchange website was on March 18, 2004 when 8.4 million shares were traded at Rs 10 each.

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