Monday, December 20 2004 22:14 Hrs (IST) - World Time -

New Delhi: In a sudden move, a top functionary of Reliance Industries (RIL), considered close to Anil Ambani, today (Dec 20, 2004) quit from a key position in the group's flagship company.

Amitabh Jhunjhunwala resigned from the post of treasurer of RIL, headed by Mukesh Ambani, and will also not continue to hold other positions in the group, including that of Director of Reliance Energy Limited (REL), headed by younger brother Anil, company sources said.

Sources said that Jhunjhunwala was a nominee of RIL in REL's board and hence would not continue in the energy company's board.

They said that Jhunjhunwala cited several reasons for his resignation in his communication to the RIL chairman Mukesh Ambani, but details were not available.

He was one of the six REL directors who had resigned last month in a move seen supportive of the younger Ambani. However, the REL board had asked the directors to continue.

An RIL spokesman stonewalled queries on this development, saying, "Have no knowledge of Amitabh's resignation. Please check with Anil Ambani to whom he reports."

When contacted, Jhunjhunwala declined to comment.

Jhunjhunwala, a chartered accountant, had joined the Reliance group eleven years ago and took over as treasurer of RIL in early 2002. With an experience of about 25 years, Jhunjhunwala had been associated with most of the fund raising activities of the Reliance group both in India and abroad and was responsible for investor-relations.