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Bhakta may stay back on RIL board
December 22, 2004 14:21 IST
M L Bhakta, a founder director of the Reliance Industries, is believed to have withdrawn his resignation, ahead of the crucial board meeting of the flagship company, in a move seen as a boost to Mukesh Ambani involved in a bitter battle with younger brother Anil.
The Reliance 'ownership issue'
Bhakta, an associate of late Dhirubhai Ambani, had resigned in November within days of the struggle between the brothers coming into open. A legal expert, Bhakta had joined the RIL board in 1977 when the company was formed. He enjoyed a good relationship with both the brothers.
Mukesh had personally gone to Bhakta's residence in Mumbai to persuade him to reconsider the decision.
When contacted, a RIL spokesperson told PTI, "We don't know, please check up with Mr Bhakta."Asked if he had withdrawn his resignation as RIL director, Bhakta declined to comment saying, "Please ask the company."