The Hindu : Business : Anil Ambani asks SEBI to look into IPCL issue

Online edition of India's National Newspaper
Wednesday, Apr 27, 2005

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Business

Anil Ambani asks SEBI to look into IPCL issue

Special Correspondent

MUMBAI: Anil Ambani has asked the market regulator, the Securities and Exchange Board of India (SEBI), and the stock exchanges to look into the issue on whether Indian Petrochemical Company Ltd (IPCL) has followed the listing norms of the bourses.

In a letter, according to sources, Mr. Anil Ambani, the younger brother of Mukesh Ambani, wanted the authorities to look into the handling of his resignation issue by IPCL, including to check whether all disclosure norms of bourses were followed under the listing norms and the governance of the IPCL board.

Mr. Mukesh Ambani is the Chairman of IPCL, the petrochemical company of the Reliance group. Mr. Anil Ambani has resigned as Vice-Chairman and from the IPCL's board, accusing another director, Anand Jain, allegedly involved in a "conspiracy to divide" him from his elder brother Mukesh Ambani. "I consider against my dignity, self respect and self esteem to be on the same board as Anand Jain,'' Mr. Anil Ambani wrote to his elder brother, Mr. Mukesh Ambani, on January 3.

IPCL in a statement on Monday said that Mr. Anil Ambani's resignation from its board of directors became effective from January 20, when the board considered it.

However, the Anil camp disclosed that the younger Ambani informed the IPCL board his offer to reconsider the resignation through a letter dated January 27 after the company unanimously decided at its meeting on January 20 to urge him to reconsider his resignation from the IPCL board.

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