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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.

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Number of User Comments: 3

Sub: REL - brothers fight

Bade miyon chote miyon.... It's all happening here. Family issue has been brought to limelight.... They should resolve this, it's high time to do that.... ...

Posted by Lakshman

Sub: Mukesh rejects Anil's objections.

Mukesh seems to be showing a petty and perverted attitude, not befitting the head of the Reliance empire. Money and power makes and breaks all ...

Posted by s n shashidhar

Sub: Reliance fight

The fight between Mukesh and Anil is a big drama. Reliance has been using these tactics ever since their inception and have made mockery of ...

Posted by SAMEER


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