The Hindu : Front Page : REL whole-time directors withdraw resignations

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Thursday, Jan 20, 2005

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REL whole-time directors withdraw resignations

By Our Special Correspondent

MUMBAI, JAN. 19. Reliance Energy today informed the Bombay Stock Exchange (BSE) that four of the company's whole-time directors have withdrawn their resignations. The directors were among six who had put in their resignations recently, following the rift between the two Ambani brothers, Mukesh and Anil.

The four whole-time directors who have withdrawn their resignations are: Satish Seth, K. H. Mankad, S. C. Gupta and J. P. Chalasani. The board has accepted the resignations of Amitabh Jhunjhunwala and J. Ramachandran. Mr. Jhunjhunwala, formerly Treasurer of Reliance Industries, is known to be close to Mr. Anil Ambani.

Reliance Energy reaffirmed 3,740 MW 11,000 crore power generation project at Dhirubhai Ambani Energy City (DAEC), Dadri, in Uttar Pradesh.

A spokesperson for REL stated: "The Reliance Energy board has today reaffirmed its commitment to the implementation of the Dhirubhai Ambani Energy City, the world's largest gas based power project, been set up at an estimated capital outlay of Rs. 11,000 crores.''

Meanwhile, Reliance Energy has announced a net profit of Rs. 135 crores for the third quarter ended December 31, 2004, an increase of 155 per cent compared to the same period last fiscal.

Total income increased by 26 per cent to Rs. 1,135 crores. It also announced an interim dividend of 11 per cent.

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