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Reliance Energy to amend Articles of Association
By Our Special Correspondent
MUMBAI,
DEC. 21.
Reliance Energy Ltd (REL) today informed the Bombay Stock Exchange (BSE) its plan to amend some sections of the company's Articles of Association (AoA) which would enable the majority shareholder Reliance Industries Ltd (RIL) to control the Anil Ambani led REL.
The directors of REL have been asked to respond through postal ballot by January 17, 2005.
The amended sections of AoA essentially give power to RIL to appoint, Chairman, Vice-Chairman and majority of the directors.
Sources within RIL have confirmed that the notice had been posted at the behest of RIL, which is having a majority holding of 51 per cent in REL.
At present, Mr. Anil Ambani is the Chairman of the REL board with 12 members, of which, six have resigned recently after the feud between the Ambani brothers, Mr. Mukesh Ambani and Mr. Anil, for the control of Rs. 90,000 crore Reliance empire became public.
Mr. Mukesh is the Chairman and Managing Director of RIL. The RIL board is still intact, barring the resignation of M. L. Bhakta, a long-time associate of late Dhirubhai Ambani, founder of the Reliance Group of companies.
Once this is amended, it will take away the powers of Mr. Anil Ambani to appoint majority directors of the company.
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