The Hindu : Business : `RIL board is proper forum to discuss issues'

Online edition of India's National Newspaper
Thursday, Jan 06, 2005

Business

Business

`RIL board is proper forum to discuss issues'

By Our Special Correspondent

MUMBAI, JAN. 5. Reliance Industries Ltd. (RIL) today refuted the charges that some shares, which were acquired by a few companies on merger of RIL and Reliance Petroleum Ltd (RPL) and were held by them to ensure that their economic benefits flow to the shareholders, have been appropriated by the Ambani family.

"For the last several weeks, electronic and print media has been used by undisclosed and unnamed sources to spread totally baseless canards against the company and its Chairman, Mukesh Ambani. This malicious campaign is designed to tarnish the image of the company and its leadership,'' a press release from RIL stated.

"The board of Reliance Industries is the proper forum to discuss and decide corporate issues and tendentious planting of stories is intended to cause damage to Reliance Industries,'' the release added.

As late as in April 2004, the Chairman and Managing Director of RIL, Mr. Mukesh Ambani, reaffirmed his endeavour to maximise the benefits flowing from these shares to the shareholders of RIL. It is, therefore, baseless to allege that there has been any intention of the management of RIL to divert the benefits of these assets to the promoters.

It is reiterated that the companies continue to hold 4.7 per cent holding in RIL (for the benefit of Reliance Industries' shareholders) without any change in its holdings.

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