A designated Delhi court has directed the Chief Metropolitan Magistrate to issue summons to Reliance group chairman Mukesh Ambani and its managing director Anil Ambani.
Anil Ambani on Monday lashed out at the proposed buyback of shares, ahead of the crucial board meeting, questioning the intentions of the move.
In a new twist to the gas dispute between Ambani brothers, the fertiliser ministry on Monday said private family agreements cannot over-ride national priorities.
Billionaire Mukesh Ambani's children -- Isha, Akash and Anant -- on Monday were appointed on the board of his energy-to-technology conglomerate Reliance Industries Ltd, in what is seen as a clear path of succession planning at India's most valuable company.
Anil's RCom straddles 2G, 3G; Mukesh has spectrum to operate in 4G.
Top industrialists including Sunil Mittal, chairman, Bharti Airtel on Thursday called on Home Minister P Chidambaram.
The Ambani brothers, Mukesh and Anil, will share dais at Vibrant Gujarat Global Investors' Summit (VGGIS) beginning in Ahmedabad on January 12.
Reliance ADA Group challenged Sibal to bring on record anything to support his 'wild allegations,' while adding that it would file criminal proceedings against DGH.
The move comes within days of RNRL approaching the apex court to become a party to the petition filed by NTPC against RIL that seeks quashing of the Bombay high court, which allowed the Mukesh Ambani group firm to amend its petition.
Delhi Court on Wednesday issued summons to Reliance group chairman Mukesh Ambani and its managing director Anil Ambani
The Reliance Dhirubhai Ambani Group revealed plans of venturing into the power equipment business.
The government on Saturday filed a petition before the Supreme Court seeking a direction to declare as 'null and void' the private family agreement of the Ambanis that provides for gas supply by Reliance Industries Limited to Reliance Natural Resources Limited. The government petition has named as respondents RIL led by Mukesh Ambani and RNRL headed by Anil Ambani, which have separately filed cross-petitions against the Bombay High Court's June 15 judgment.
Investors were on Monday sceptical on the shares of Ambani sibling companies and their prices remained subdued despite a resurgent stock market.
Anil Ambani's Reliance Infrastructure Ltd has slashed its standalone debt by 87 per cent to Rs 475 crore after it cleared outstanding dues of Life Insurance Corporation of India, ICICI Bank and other lenders, the firm said on Wednesday. In stock exchange filings and press statements, Reliance Infrastructure said its standalone external debt has reduced from Rs 3,831 crore to Rs 475 crore. "Consequently, the net worth of the company will stand at Rs 9,041 crore."
After rejecting a request for financing the 4,000 MW ultra mega power project in Sasan, Madhya Pradesh, last Thursday, the Exim Bank reversed its decision on Monday after a conversation its chief Fred P Hochberg had with Anil Dhirubhai Ambani Group chairman Anil Ambani.
'Economic benefits of RIL shares held by these four companies have always been for the benefit of RIL's shareholders, and remains so. This fact has been reiterated by RIL a number of times,' the company said.
"It is a rubbish petition. If I find that we you (petitioner) have tried to interfere with the investigation then you may be in bigger trouble," Justice Ajit Bharihoke said.
Anil Ambani is eyeing the fast-growing GSM-based service with massive expansion plans in eight circles at an estimated investment of Rs 1,600 crore (Rs 16 billion).
Well-known as a powerful advocate for contemporary and traditional artists in India, she will be the first international appointment to the museum board.
Anil Ambani group distanced itself from CBI's action on Monday accusing top officials of Reliance Infocomm for illegal call routing (before the split between Ambani brothers).
In a statement issued from New Delhi, Ambani-led Reliance group, however, said that no charges have been levelled against them by the UK regulators in these proceedings.
The apex court also heard a plea for bringing back black money stashed in tax havens abroad.
Mukesh Ambani-led RIL and Anil Ambani group firm RNRL on Thursday urged Justice R V Raveendran to ignore news reports on his presence on the Bench despite having shares of the two warring companies.
In his letter dated October 11, written before the last EGoM meeting, Ambani has said the government would incur a loss of at least Rs 35,000 crore if the EGoM had decided to charge for excess spectrum beyond 6.2 MHz only prospectively from 2012, and not from 2008.
The Bombay high court, while pronouncing the verdict on the gas dispute on Monday, advised the Ambani brothers for the second time to settle their row in consultation with their mother.
When contacted a spokesperson for Anil Ambani, who is engaged in a battle with elder brother Mukesh over control of Reliance empire, confirmed the news.
Right after it returned to the telecom sector by acquiring Infotel Broadband, Mukesh Ambani's Reliance Industries (RIL) began discussions with brother Anil Ambani's mobile service provider, Reliance Communications (RCom), for a possible sharing of infrastructure.
In a surprise move, industrialist Anil Ambani on Sunday reached out to estranged elder brother Mukesh saying all disagreements can be sorted out in a cordial and conciliatory manner.
Justice A P Deshpande, who is hearing the petition by Anil Ambani-owned Reliance Transport and Travels Ltd staking claim over a lease of land for hangar, adjourned the hearing after its counsel sought time to inspect the documents on the lease agreement entered between Reliance Industries and Airport Authority of India. "We want to inspect the correspondence by RIL and file a rejoinder," advocate for RTTL Cyrus Bharucha told the court.
Blaming RIL for delay in starting its Dadri power project, RNRL said it was RIL's wrongful conduct that delayed its gas-based power plant by four years. However, it had sought a direction to RIL to supply the gas immediatley to it. On July 7, the Supreme Court issued notice to RIL, RNRL and the Centre (as intervener) on cross-appeals by both the companies on their gas supply dispute.
Despite posting a loss, the company has declared a modest dividend.
Billionaire Mukesh Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before". At the annual shareholders' meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains "a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines."
RTTL had moved the apex court in March last year, challenging the Bombay High Court judgement that asked it to sort out differences over the title of the property with Mukesh Ambani-run Reliance Industries. A bench headed by Justice A K Mathur dismissed RTTL's plea seeking to restrain AAI from entering into a lease agreement with Reliance Industries in respect of land measuring 2,701 sq mt at Chattrapati Shivaji International Airport in Mumbai.
The Delhi high court on Thursday stayed the summoning of Reliance group chairman Mukesh Ambani and its managing director Anil Ambani in a case in which officials of the company are accused of procuring classified government documents.
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