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Home > Business > PTI > Report

It's official! Anil not on IPCL board from Jan 20

April 26, 2005 13:30 IST

Amidst claims and counter claims, Mukesh Ambani headed IPCL on Monday said younger brother Anil's resignation from its Board of Directors became effective from January 20 this year when the board considered it.

"The board's request for reconsideration of resignation and the response of Anil Ambani with pre-conditions does not change the fact of his having ceased to be a director from January 20, 2005," IPCL said in a statement.

Although the board had not accepted the condition set by Anil but it (the board) had decided to request him to reconsider his resignation as a matter of good gesture.

Anil seeks SEBI's help: IPCL issue

Anil in his reply dated January 27, 2005 addressed to the board, appreciated the board's gesture but did not reconsider his resignation and instead put further conditions on the board which were not acceptable, the statement said adding that these letters were noted by IPCL board at its meeting on March 30, 2005.

The statement also pointed out that Anil neither attended the board meeting of January 20 nor sought leave of absence.

Meanwhile, the Bombay Stock Exchange said in a statement that none of its officials had stated that there was dichotomy in IPCL's communication on Anil Ambani's resignation. The media reports to this effect had not quoted any official by name or the BSE spokesman.

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