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Home > Business > PTI > Report

6 Reliance Energy directors resign

November 25, 2004 14:55 IST
Last Updated: November 25, 2004 22:04 IST

Six directors of Reliance Energy Ltd resigned on Thursday as differences between the Ambani brothers showed no signs of abating.

The Reliance 'ownership issue'

Those who resigned from the Board of Directors of Reliance Energy, handled by Anil Ambani, the younger of the two, are Satish Seth, executive chairman, S C Gupta, J P Chalsani, K M Mankad, J Ramachandran, an independent director, and Amitabh Jhunjhunwala.

No reasons were given for their resignation.

Since it is a listed company, the resignation has been intimated to the Bombay Stock Exchange, company officials said.

Mankad, Gupta and Chalasani are whole-time directors in charge of finance, operations and business development respectively. Jhunjhunwala represents the Reliance Industries Ltd on the board.

The resignations come in the midst of reports of serious differences between the brothers. Three days ago Mukesh had issued a statement that there were no "ownership issues" which he said had been settled during the lifetime of their late father Dhirubhai Ambani.

He followed it up with an e-mail message to 80,000 employees of the group that he -- the chairman and managing director -- was the final authority in all matters concerning Reliance.

Reliance Energy chairman Anil Ambani said the resignation of six directors from his company's board would be considered at the "appropriate time".

Speaking for the first time to the media since differences between him and his elder brother and Reliance chairman Mukesh Ambani surfaced, he said the Reliance Energy board will consider the resignations at an appropriate time and will keep the stock exchange, investors and media informed of developments taking place.

"I am not going to comment at this stage on any other issue. I have not spoken on other issues and I will continue in that mode. When the appropriate time comes, when it is necessary and if necessary I will make comments on other issues," he said.

© 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.

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Number of User Comments: 3

Sub: New project to power genrations( New idea submission)

I have a developed a new project on power genration. Plz reply me with the right email-id to contact the chairmen or director. The project ...

Posted by Nitin Shahasane

Sub: Reliance - Dispute

I am affraid - how can we trust that Reliance is well professionally managed company, when there is no proper communication between top leaders of ...

Posted by Rajendra Talele

Sub: Very disappointing

The differences between the brothers must have existed since a long time but are surfacing now. It's very disppointing the way news are coming from ...

Posted by Mohd Azad



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