The Hindu : National : Anil seeks RIL Board meeting

Online edition of India's National Newspaper
Thursday, Dec 16, 2004

National

National

Anil seeks RIL Board meeting

NEW DELHI, DEC.15. Reliance Industries Ltd (RIL) Vice-Chairman and Managing Director, Anil Ambani, who is locked in a battle with his elder brother, Mukesh Ambani, over "ownership issues" in the Rs. 90,000-crore group, has sought a meeting of the RIL Board of Directors to consider recent developments arising out of the discord.

"May I request, from a good corporate governance perspective, that the Board of Directors meet at an appropriate time to consider these matters, any other issues that may have come to any of our minds, as events have unfolded over the past few weeks," he said in a letter dated December 6 to all the RIL Directors.

Mr. Anil Ambani wanted the Board to consider matters concerning the Reliance Infocomm group of companies, in which, according to him, RIL had invested over Rs. 12,000 crores as per the company's balance sheet as on March 31, 2004.

He also wanted the Board to discuss the resignation of RIL director, M.L. Bhakta, "one of the closest friends and associates of Dhirubhai Ambani, and the senior-most member on our Board."

`Sadness and anguish'

Mr. Ambani also wanted a discussion on the letter sent by Reliance Energy Ltd (REL), of which he is the Chairman, to RIL "on matters concerning the future prospects of REL and related issues."

He said in the letter that he had witnessed the events of the past few weeks with "great sadness and anguish."

``These developments have affected the image of our company and hurt the interests of our over- 30-lakh shareholders, and all other stakeholders," he said.

"I know that each one of us, not just as members of the Board, but as individuals who have worked intimately with our beloved Dhirubhai, will persevere to protect, preserve and enhance his legacy — eternally — and to maximise the value for our very foundation ..." he added.

Sources close to Mr. Anil Ambani said no date had been fixed for the meeting.

Meanwhile, in Mumbai, Mr. Mukesh Ambani, who is Chairman and Managing Director of the Reliance Group, today sought to clarify, through sources close to him, that the "architecture" of ownership in the company obviated the need of a will.

They also confirmed that Mr. Mukesh Ambani had left the decision on a settlement of the dispute to his mother, Kokilaben Ambani.

The statement referred to the fact that the late Dhirubhai Ambani, the founder of the group and the father of Mukesh and Anil Ambani, had not left a will. — UNI

Printer friendly page
Send this article to Friends by E-Mail

National

News Update

Stories in this Section