Thursday, December 23 2004 16:18 Hrs (IST) - World Time -

New Delhi: Mounting pressure on elder brother Mukesh ahead of the crucial December 27 Reliance Industries Board meeting, Anil Ambani has demanded a discussion on changes in Reliance Infocomm equity, charging that the flagship company's Board was kept in the dark on this.

This is the second letter written by Anil since December 6, 2004 raising the issue of Infocomm amid reports that Mukesh Ambani as head of the venture got 12 per cent sweat equity for Rs 50 crore that was valued many times more.

When asked if Anil Ambani's letter would be discussed at the December 27 board meeting, convened for taking up a proposal on buyback of shares from the market, an RIL spokesperson told sources, "The agenda of the board will be circulated among Directors only."

RIL sources said the agenda for the December 27 board meeting would be finalised by Friday-Saturday, but did not say which issues could come up apart from the already declared proposal for the buyback of shares.

Besides, Anil has also sought a discussion on the future of Reliance Energy, a company headed by him, seeking a confirmation of resource support.

The proposed changes in the Articles of Association sought by Reliance Energy to empower Reliance Industries to appoint Chairman, Vice Chairman and Directors have, in the meanwhile, evoked strong reaction from the flagship company, chaired by Mukesh.

Hitting back at REL's move, an RIL spokesperson told sources that "RIL has not been consulted by REL before the proposed re-amendment of the relevant articles of association. RIL has not sought in an manner withdrawal of any powers conferred by it to Anil D Ambani."

In a communication to Bombay Stock Exchange on December 21, the REL said that as long as the Reliance Group of companies and its associates hold over 26 per cent paid-up voting equity shares and are the single largest share-holding group, they shall have the right to appoint majority of directors on the REL board as also the Chairman and the Vice Chairman.

RIL spokesperson said that in March 2004 the Articles of Association of REL were amended, vesting such powers in Anil Ambani, and now the energy venture was seeking to revert to the pre-March position.