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Saturday, Jan 22, 2005

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Mukesh "pained at rejection of letters"

Mukesh D. Ambani

NEW DELHI, JAN. 21. The Reliance Industries Ltd. (RIL) Chairman and Managing Director, Mukesh Ambani, said that he had tried to reach out to his younger brother and RIL vice-chairman and Managing Director, Anil Ambani, for settling the disputes but Anil spurned the efforts, NDTV reported tonight.

"I am always happy to meet you.... and have been trying to reach out to you, but was pained that you have spurned all my efforts," NDTV quoted Mukesh in an exclusive report. The channel also said that Anil had rejected a series of letters that Mukesh had written to him, asking him to discuss all the issues. "The senior Ambani fixed a meeting as late as January 18 to sort out all issues in Maker Chambers — the headquarters of [the] Reliance Industries Ltd — but Mr. Anil Ambani did not attend it saying that [a] meeting cannot be held without a pre-circulated agenda and that it should be held in a pleasant and productive atmosphere," the channel said.

"Anil wanted draft"

The report also said that Anil wanted the draft of an agreement and all the family members, including their mother Kokilaben, to be present before having a discussion with Mukesh.

Mukesh felt that they should first meet and then discuss ways to settle the issue.

The Mukesh Ambani camp declined to comment on the report.

The report came amid a 52.18 per cent jump in RIL's profit for the quarter ended December 31, 2004 from Rs. 1,374 crores to Rs. 2,091 crores during the same period last fiscal. Yesterday, NDTV had reported that Anil was willing to talk to his elder brother to resolve the differences.

The brothers were ready to meet and sort out all differences, it had quoted family sources as saying.

"I love my brother and I believe in his fairness. If we had three hours alone in a room without the three c's — chamchas, chelas and cronies — we would sort all this out," the sources quoted Anil as saying. — UNI

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