Monday, Jan 24, 2005
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NEW DELHI, JAN. 23. Keeping up the pressure on Mukesh Ambani, his younger brother, Anil, has sent a 500-page note concerning corporate governance in the Reliance empire. The bulky note sent to the Corporate Governance Committee of the Board of the flagship company RIL, of which Mr. Mukesh Ambani is the chairman and Mr. Anil Ambani the vice-chairman, deals extensively with what the latter regards as flaws in corporate governance within the group, informed sources said today. The document was sent days ahead of RIL's board meeting in Mumbai on January 21. Y.P. Trivedi, an independent director of RIL, heading the corporate governance committee, had said that eminent retired judges had endorsed the corporate governance practices, thus, virtually giving a clean chit. He said that if Mr. Anil Ambani has to write to the Board it would refer the matter to the corporate governance panel. "There is no shying away from any issue raised or referred to us. We will go through it,'' Mr. Trivedi said without indicating whether he had received Mr. Anil Ambani's exhaustive note. Mr. Anil Ambani has, in fact, made an issue of what he perceives to be a conflict of interest between the business interests of Anand Jain, a close associate of Mr. Mukesh Ambani, and various key positions he holds in the group. Mr. Anil Ambani has even resigned as vice-chairman and director from the Board of Reliance group company IPCL. Requesting ``appropriate steps'' in the interest of RIL's 30 lakh shareholders, Mr. Anil Ambani is believed to have expressed ``deep concern that RIL has failed to adhere to the highest standards of corporate governance, transparency and disclosure''. The disclosure about the note comes a day after Mr. Anil Ambani spurned Mr. Mukesh Ambani's offer for a one-on-one meeting saying that mother Kokilaben and two sisters Dipti and Nina would have to be involved in any process for settlement. PTI
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