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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.
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.