Rediff India Abroad Home  |  All the sections


The Web

India Abroad

Sign up today!

Article Tools
Email this article
Top emailed links
Print this article
Contact the editors
Discuss this article
Home > Business > PTI > Report

Mukesh may recast Reliance board

November 23, 2004 20:42 IST

A long-standing director on the Reliance Industries board resigned today fuelling further speculation on the goings-on in the country's largest corporate house in the wake of differences between the two brothers, Mukesh and Anil Ambani.

M L Bhakta, said to be a legal expert, quit the board of which he was a member since 1977 but there was no authentic word on why he took the step.

That has triggered speculation that Chairman and Managing Director Mukesh Ambani may recast the board.

Asked about the reasons that prompted Bhakta to leave, Reliance spokesperson Amit Khanna responded with a cryptic, "It is for Mr Bhakta to explain."

Meanwhile, Vice Chairman Anil Ambani continued to remain silent and is yet to respond to his elder brother's statement issued on Monday that father Dhirubhai Ambani had settled all 'ownership issues' during his lifetime.

The possibility of his (Anil) doing so this week is not ruled out.

Sources said some more members may also quit to give Mukesh a free hand for the recast.

A day after going public with his statement on 'ownership differences' in the Reliance Industries, Mukesh on Tuesday said in a communication to all its employees that he as the chairman and managing director is the 'final authority' on all matters concerning the company.

He also sought to clarify that there would be no impact on the functioning of the group by the ongoing controversy.

"There is no question of any effect on the integrity of Reliance. Reliance will continue to grow in strength," sources quoted Mukesh as having said.

Asked as to how long it would take to settle all issues, Reliance spokesperson Khanna said: "Everything will be Okay in the next few days."

7333: The Latest News on Your Mobile!

© Copyright 2005 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Share your comments

 What do you think about the story?

Read what others have to say:

Number of User Comments: 1

Sub: He had better do this most expeditiously.

We have the safed topi both in the centre and Maharashtra. Anil's overtures with the politics could prove to be harmful to the group as ...

Posted by chanakya



Copyright 2005 India Limited. All Rights Reserved.