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Home -> Finance -> Full Story

Six 'Reliance Energy Ltd' directors resign
Thursday, November 25 2004 15:14 Hrs (IST)

Mumbai: Six Directors of Reliance Energy Ltd (REL) resigned today (Nov 25, 2004) as the differences between the Ambani brothers showed no signs of abating.

Those who resigned from the Board of Directors of Reliance Energy, handled by Anil Ambani, the younger of the two, are Satish Seth, Executive Chairman, S C Gupta, J P Chalsani, K M Mankad, Prof J Ramachandran, an independent Director, and Amitabh Jhunjhunwala.

No reasons were given for their resignation, but corporate circles see this as a tactic in the ongoing battle between Anil and Mukesh.

Since it is a listed company, the resignation has been intimated to the Bombay Stock Exchange (BSE), company officials said.

Mankad, Gupta and Chalasani are whole-time Directors in charge of Finance, Operations and Business Development respectively. Jhunjunwala represents the Reliance Industries Ltd (RIL) in the Board.

The resignations come in the midst of reports of serious differences between the brothers. Three days ago Mukesh had issued a statement that there were no "ownership issues" which he said had been settled during the lifetime of their late father Dhirubhai Ambani.

He followed it up with an e-mail message to 80,000 employees of the group that he Chairman and Managing Director was the final authority in all matters concerning Reliance.

Anil was expected to make a public statement but has so far chosen not to do it.

PTI



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