Home > Business > PTI > Report
Mukesh rejects Anil Ambani's objections
November 26, 2004 18:25 IST
The positions in the tussle for control of Reliance group hardened on Friday with Chairman and Managing Director Mukesh Ambani rejecting his younger brother and Vice Chairman Anil Ambani's objections to the redefining of their respective powers, thereby increasing the chances of courtroom battle.
The board of directors of Reliance Industries, the flagship company of the group, 'has not accepted' Anil's challenge to superior powers given to the elder brother at the Board's meeting of July 17, an RIL spokesperson said.
On the other hand, RIL Board has vested full authority in chairman and managing director, the spokesperson said, adding Mukesh was not exploring legal options.
However, sources close to both the camps indicate that legal consultations were on and the Department of Company Affairs and market regulator SEBI may be approached next week on issues relating to Reliance Group.They also did not rule out the possibility of one or both sides moving courts.