Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year old billionaire. In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." This comes after his father resigned with effect from close of working hours on June 27, it said.
A Delhi court on Monday directed Reliance Industries Chairman Mukesh Ambani and RIL Vice Chairman Anil Ambani to appear before it on August 8 in connection with a case under the Official Secrets Act.
Activist-turned-politician Arvind Kejriwal on Friday took on the issue of hawala money stashed in Swiss bank accounts.
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."
A teenager hailing from Jharkhand was arrested for allegedly posing as a Pakistani national and sending a death threat through an email to industrialist Anil Ambani. 17-year-old Rajesh Kumar Agarwal, a student from Dhanbad district of Jharkhand, was arrested from his home town and was being brought to Mumbai, Additional Police Commissioner (Crime) Deven Bharti said.
Days after the Supreme Court rejected his case for cheap gas for his group company, billionaire Anil Ambani has written a morale boosting letter to group employees saying the judgement though "disappointing" has safeguarded interest of RNRL shareholders.
Stumbling blocks for resolving the gas row between the Ambani brothers can be removed by putting together the family MoU and the demerger scheme, Anil Ambani-led RNRL told the Supreme Court on Wednesday.
The Maharashtra government's decision on the successful bidder to build its showcase project of around Rs 4,500 crore (Rs 45 billion), Mumbai Trans-Harbour Link (MTHL) or sea link between Sewri in island city of Mumbai and Nhava Sheva, is going to be watched keenly by the corporate world as Anil Ambani's Reliance Energy (REL)-led consortium is all set to submit its bid by December 15 after a long drawn legal battle.
The Delhi high court on Thursday extended for a month the date of appearance of the Ambani brothers before a city court in connection with an Official Secrets Act case.
The Supreme Court on Monday asked Mukesh Ambani-run Reliance Industries Ltd and Anil Ambani group firm Reliance Natural Resources Ltd to reply to the government's prayer for declaring 'null and void' their family agreement on gas supply, and posted the matter for hearing on September 1.
The release also points out that the prevailing domestic gas prices command a significantly higher price than the proposal of RIL.
Three weeks after the Supreme Court judgement, the brothers Ambani have formally decided to create an overall environment of harmony, co-operation and collaboration.
The gas row between the Ambani brothers had its echo in the Lok Sabha on Thursday with Samajwadi Party chief Mulayam Singh Yadav making a strong plea for gas from Reliance at cheaper rates for state-owned NTPC, a plea also being used by the Anil Ambani group.
Anil Ambani Group firm Reliance Infrastructure has agreed to pay the levy, although under protest, and has asked the Mukesh Ambani firm to resume natural gas supplies to its power plant.
Corporate giant Tatas on Tuesday asked the government to seek surrender of excess spectrum lying with GSM operators, a line being aggressively pursued by Reliance Communications chief Anil Ambani. With this, the top two CDMA players have joined forces against GSM operators like Bharti and Vodafone to seek return of spectrum beyond the contractual amount of 6.2 Mhz.
The entire proceeds from the sale of Reliance Centre will be utilised only to service YES Bank debt.
Anil Ambani group company Reliance Communications Infrastructure Ltd has moved the Supreme Court seeking to recover more than Rs 58 crore (Rs 580 million) of outstanding loan from a Mukesh Ambani group firm.
The letter demands a full discussion on the shareholding in Reliance Infocomm at the December 27 meeting.
The 'turbulent situation' at Newcastle United has forced Reliance Communications to shift focus to English Premier League side Everton, media reports said in London on Sunday.
Government's counsel Mohan Parasaran has said he was left out of the details of a special leave petition filed by petroleum ministry in Supreme Court seeking annulment of a family MoU between Mukesh and Anil Ambani group firms on gas supply.
CBI prosecutor K K Goel opposed the application saying it was "dragging the trial" and noted that Anil Ambani too had filed a similar plea earlier.
In the last two years, there have been at least three instances of the government actively stepping in on Mukesh Ambani's side.
In a video shared by Deora, former Union minister, on his Twitter page, Ambani says "Milind is the man for South Mumbai", while Kotak eulogises the Mumbai Congress chief for "truly representing the Mumbai connection".
Two years after Mukesh and Anil Ambani separated, many who have associated with the family still find it difficult to believe the fact.
Mukesh and Anil Ambani, known for their bitter battle ever since they parted ways in 2005, will once again come together under the same roof tomorrow on the occasion of the 75th birthday of mother Kokilaben, triggering a speculation of a possible rapprochement between the two.
Anil Ambani group firm RNRL on Friday asked the Supreme Court to dismiss the government's petition on the Ambani gas dispute, saying it had no locus standi to seek any orders and it at best could only make submissions.
Read the full text of the Supreme Court ruling in the Krishna Godavari Basin gas dispute between Mukesh Ambani-led Reliance Industries Ltd and Anil Ambani's Reliance Natural Resources Ltd.
Announcing that he would take up the issue with the telecom ministry, he demanded a probe by market regulator Securities and Exchange Board of India into the hammering of Reliance Communications scrip in the last few days.
The government advised the warring Ambani brothers several times that they should stop fighting, but failed to bring about a reconciliation, Petroleum Minister Murli Deora said on Wednesday.
Reliance Group Chairman Mukesh Ambani has admitted to differences with his brother Anil over 'ownership issues,' but said "they are in the private domain."
For every Rs 5 lost by the Ambanis in the past one year, approximately Rs 4 have been eroded from the coffers of their public investors also on an average, according to an analysis.
The Anil Ambani group asked on Wednesday market regulator Securities and Exchange Board of India to probe a "disinformation campaign" launched by some "vested interests" against the planned Reliance Power IPO, estimated to raise up to Rs 12,000 crore (Rs 120 billion). "A formal complaint has been filed with Sebi to investigate the disinformation campaign launched against Reliance Power IPO," a Reliance ADA group spokesperson said in a statement.
The Anil Ambami controlled-ADA Enterprises on Friday announced the appointment of Gautam Doshi, a leading chartered accountant, as group president and key member of the leadership team.
