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Anil steps down as MD of RIL
June 18, 2005 10:45 IST
Last Updated: June 18, 2005 10:49 IST
Reliance Industries vice chairman and managing director Anil Ambani on Saturday resigned from the company and is not attending the board meeting being chaired by his elder brother Mukesh.
The board meeting began about 30 minutes back and it would accept Anil's resignation, highly placed sources said adding this is part of the changes being effected to execute the settlement between the two brothers over the seven-month long battle on the ownership issue of Reliance empire.
Ambanis resolve ownership battle
Anil's resignation after being on the board of RIL for over two decades is first of the series of changes that would be effected pursuant to the division of the empire under which, Mukesh would retain flagship company along with IPCL while the younger sibling would get Reliance Infocomm, Reliance Energy and Reliance Capital.
The resignation would be announced at the board after it is briefed of the details of the settlement reached after over seven-month long bitter wrangling between the two brothers that saw allegations and counter-allegations.