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Home > Business > PTI > Report

FM happy over Reliance settlement

June 18, 2005 12:10 IST
Last Updated: June 18, 2005 13:45 IST

Expressing happiness over the settlement reached between the Ambani brothers on the Reliance ownership issues, the government on Saturday said both Mukesh and Anil have the capacity and wisdom to build large businesses under their separate leadership.

"I am happy that both have reached settlement... I am glad that they have kept the interest of three million shareholders in mind," Finance Minister P Chidambaram told PTI shortly after the announcement of the settlement by Kokilaben, widow of Reliance Group founder chairman Dhirubhai Ambani.

Ambanis resolve ownership battle

Asked if there could be a government probe into allegations and counter-allegations levelled by the two sides during the seven month-long ownership battle, he said "I am happy that settlement has been reached. Where is the need for other issues."

He later told NDTV that there was no need for the government to intervene with both the brothers working towards a settlement.

"If there is any specific violation or complaint, we can look into it. (But) after this settlement, I don't think there is any need for an inquiry."

Describing the settlement as a "big relief" for millions of investors and various stakeholders, including Indian and foreign financial institutions, Company Affairs Minister P C Gupta said, "Since the settlement is already there, I think all the issues are resolved."

"Let's hope for the best and we wish our corporate sector works in a more harmonious way," he said.

To a query about the probe by his ministry on various complaints by Anil Ambani relating to corporate governance in Reliance group companies, Gupta said, "Once the report is received from registrar of companies, we will see what is there."

Anil had also written several letters to market regulator Securities and Exchange Board of India "in the broader interest of investors". SEBI had assured of looking into the complaints.

Chidambaram also praised the role played by their mother Kokilaben and ICICI chairman K V Kamath in the settlement.

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