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Anil fires salvo at Mukesh over 'ownership'
December 08, 2004 11:58 IST
Last Updated: December 08, 2004 14:49 IST
The battle between the Ambani brothers intensified on Wednesday with Anil questioning his elder brother Mukesh on his assertion that ownership issues were settled in the lifetime of their father Dhirubhai.
"If management issues had been resolved in Dhirubhai's lifetime, how is it that no disclosure has been made to the stock exchanges and the SEBI (the Securities and Exchange Board of India) till today," Anil asked his brother, sources close to him said.
The sources wondered as to why no further details, information or documentation had been made available to anyone even after three weeks of Mukesh Ambani's assertion on ownership issues in the Reliance Group.
Mukesh Ambani had said in a statement late last month that "Dhirubhai (the founder chairman of Reliance) took within his lifetime all steps to separate ownership from management and make Reliance a world-class professionally managed company."
Seeking clarification through five questions, Anil asked Mukesh to explain as to why his powers as managing director were sought to be substantially curtailed only now, in July 2004, and not much earlier, either during Dhirubhai's lifetime or even two years ago, when Dhirubhai passed away?
"If management issues had been resolved in Dhirubhai's lifetime, how is that I have no details or information about the same even till today?" Anil asked, according to sources.
No comments were available immediately from Mukesh Ambani's office.
Anil further asked his brother how is that no disclosures had been made to RIL's board or its 36 lakh (3.6 million) individual and institutional shareholders.
Mukesh Ambani had said on November 22 that all 'ownership issues' were 'settled' during the lifetime of late Dhirubhai Ambani.
"My remarks (on ownership issues) were torn out of context. Dhirubhai Ambani has settled all ownership issues pertaining to Reliance within his lifetime," Mukesh Ambani had said in a statement.
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