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No breach of governance norms: RIL

April 27, 2005 17:24 IST

Reliance Industries independent director Y P Trivedi on Wednesday said the company has followed all corporate governance norms and vice-chairman and MD Anil Ambani's refusal to sign financial results had no implications on the company.

It is not necessary for the company to inform the exchanges that Anil Ambani did not sign the financial results, Trivedi, who also heads the corporate governance committee of RIL, said after the board meeting.

He, however, did not elaborate on the reasons for Anil Ambani's refusal to sign the results.

When asked about the alleged breach of corporate governance norms as mentioned by Anil, Trivedi said "we always sought his (Anil's) time but he was busy on some occasions. He is always welcome to discuss the issues."

The Reliance 'ownership issue'

The corporate governance committee did not find any violations on issues referred to it, he added. Earlier in the day, minutes before the RIL board meeting, Anil had raked up the issue of corporate governance among others.

He also ridiculed the reported clean chit given to his brother Mukesh by the Board's corporate governance committee.

The committee did not even bother to have a discussion with him while considering the issues raised by him, Anil had said.

Asked whether the board has expressed concern over the dispute between the Ambani brothers, Trivedi said, "What have we to do with it" and added it has no implications on the company's performance.

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