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Home > Business > PTI > Report

IPCL board meet on Jan 20

January 04, 2005 14:34 IST

The board of Indian Petrochemicals Corporation is likely to meet on January 20, a day before the board meeting of flagship company Reliance Industries, to approve October-December, 2004, financial results.

During the IPCL Board meeting the resignation of Anil Ambani as its vice chairman and director might also come up for consideration, sources said.

IPCL, an erstwhile public sector undertaking acquired by the Reliance group in May 2002, had informed the stock exchanges on Monday, which said, "Anil D Ambani today (January 3) addressed a letter to Mukesh D Ambani, chairman of the company, tendering his resignation as vice chairman and director of the company with a request to accept his resignation."

Anil quits IPCL board

The Reliance 'ownership issue'

Anil, who is engaged in a bitter battle with elder brother over the control of Rs 90,000 crore (Rs 900 billion) group, resigned from IPCL Board, accusing another Director Anand Jain, considered close to Mukesh, of conspiring to divide the family.

All listed companies under Reliance umbrella approve their accounts before the board of flagship company RIL meets to enable it to have a complete picture.

While the board of RIL, headed by Mukesh, is meeting on January 21, group company Reliance Energy, headed by Anil, is meeting on January 19.

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