The Hindu : Front Page : Anil Ambani gets control

Online edition of India's National Newspaper
Wednesday, Feb 08, 2006

Front Page

Front Page

Anil Ambani gets control

Special Correspondent

MUMBAI: The Reliance Industries Limited (RIL) Group formally handed over the control of the four demerged companies to the Reliance-Anil Dhirubhai Ambani Group (Reliance-ADAG) following board meetings of these firms here on Tuesday.

Sandeep Tandon and L.V. Merchant resigned from the boards of these companies. The reconstituted boards under the control of Anil D. Ambani are expected to take the other steps for getting the shares of the companies listed, and the exchanges have been notified accordingly.

Reliance-ADAG earlier accused RIL of failing to transfer the management and control of the four companies resulting from the recent demerger of RIL, which was part of the settlement between the Ambani brothers — Mukesh and Anil. The demerged companies are Reliance Natural Resources Limited, Reliance Communication Ventures Limited, Reliance Energy Ventures Limited and Reliance Capital Ventures Limited.

The Bombay Stock Exchange, in a letter on Monday, has specified a clear path to list these four entities. According to the letter, listing of these companies can be processed once the certified true copy of the final information memoranda, duly approved by the Board is submitted and the provision of clause 49 of the listing agreement complied with.

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