Mumbai: Reliance Group Chairman Mukesh D Ambani today (Nov 22, 2004) said his remarks on ownership issues were "torn out of context" and clarified that "Dhirubhai Ambani had settled all ownership issues pertaining to Reliance during his lifetime". "On my return last evening (Nov 21, 2004) from the US, I was shocked to find that my response to a question pertaining to the way our businesses are going to go in the future has been torn out of context," Ambani said in a statement in Mumbai.

"Obviously, it was an attempt to build a sensational story around the phrase 'ownership issues' leading to a spate of speculations and misrepresentation," he added.

"I am sensitive to the concerns that would have naturally risen in the minds of our shareholders, various stakeholders and numerous well-wishers at the media blitz during the last few days. It is necessary to remove confusion caused by deliberate misinterpretation or genuine misunderstanding," he said. "Therefore, I would like to set the record straight", he said.

Ambani said, "As I was leaving a function, a TV journalist said that there have been a lot of rumours about the Reliance Group and the way the businesses are going to go in the future."

"In response I made two points, namely, that the question itself does not recognise that Reliance is one of the strongest, professionally managed companies, and that there are other issues, which are ownership issues, those are in the private domain", he said.

"This question-answer context makes it clear that I was responding to the query about the future businesses", he added.

"It is well known that in the process of its growth and expansion, Reliance is engaged in diversification, acquisition of running businesses and creation of new assets. In such a rapid growth phase, all big companies have to deal with several issues concerning corporate ownership of future initiatives.

"Reliance is no exception. I will like to restate that all such ownership issues are in the private domain. Placed in the context of the question put to me, it is obvious that my reply has nothing to do with the family ownership in Reliance", Ambani said.

"I will also like to take this opportunity to strongly deplore some totally unjustified and tendentious comments in a section of the media about our father Dhirubhai Ambani," the Chairman said.

"Reliance is an eloquent testimony of Dhirubhai's far sighted vision, unflinching dynamism, and unparalleled wisdom.

In keeping with the worldwide trend of transformation of family-owned businesses, that Dhirubhai took, within his lifetime, all necessary steps to separate ownership from management and made Reliance a world-class professionally managed company", Ambani said.

With his extraordinary foresight, he has also settled all ownership issues pertaining to Reliance within his lifetime, he said.

Assuring the shareholders that he was committed "to uphold the steps taken by him (Dhirubhai) and that the foundation of Reliance is and will remain very, very strong".

Ambani also expressed the hope the issue would "rest with clarification".

On Nov 17, 2004 a TV channel had aired a news item of elder brother Mukesh Ambani mentioning differences with his younger brother Anil Ambani for ownership of the Rs 80,000- crore-business empire.

This had also resulted in the listed group companies losing market cap of over Rs 2,000 crore during last week.