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Home -> Finance -> Full Story

Anil Ambani requests 6 REL directors to continue
Sunday, November 28 2004 13:56 Hrs (IST)

New Delhi: Anil Ambani, chairman and managing director of Reliance Energy Limited, today (Nov 28, 2004) requested the six directors who resigned on Thursday (Nov 25, 2004) to continue even as a board meeting is being convened in the next few days on the issue.

Amid the tussle between Anil and his elder brother Mukesh over the ownership issue of Rs 90,000 crore Reliance empire, six the 12 directors, including vice chairman Satish Seth and nominees of Reliance Industries, resigned from the board of directors of Reliance Energy, a move which took the top RIL brass by surprise.

Spotlight: Battle of Ambanis

"Chairman and managing director Anil Ambani has requested each of the six directors to serve the company as before," an REL (Reliance Energy Ltd) spokesperson said in Mumbai.

"REL board meeting will be convened in the next few days on the issue of the resignation of the six directors and other related issues," he said.

"Regarding the resignations that I have received, the board of Reliance Energy will consider these at an appropriate time and we will keep stock exchanges, our investors and the media informed," Anil Ambani later told reporters.

He, however, declined to comment on any other issues, including developments in the Ambani family.

Meanwhile, company officials said the directors, who had announced their resignations on November 25, were working but did not elaborate whether they had agreed to take back their resignations.

"This is going to be discussed at the board meeting (possibly early next week)," they said.

These directors, believed to be close to Anil Ambani, are Satish Seth, executive vice chairman, S C Gupta, J P Chalasani, K H Mankad, Prof J Ramachandran, an independent director, and Amitabh Jhunjhunwala.

Reliance Industries has 50.2 per cent stake in Reliance Energy and the balance is held by public.

Last Wednesday, RIL chairman Mukesh had persuaded M L Bhakta to reconsider his resignation from the Reliance Industries board, which the founder member of the company had announced on November 23 in the face of the fight between the two brothers.

PTI



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