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Home -> Finance -> Full Story

The war begins: Anil Ambani questions RIL buyback
Monday, December 27 2004 10:33 Hrs (IST) - World Time -

Mumbai: Declaring a war against warring elder brother Mukesh, Reliance Industries Ltd vice chairman and Managing Director Anil Ambani today (Dec 27, 2004) lashed out at the proposed buyback ahead of the crucial board meeting questioning the intentions of the move.

"There is more than what meets the eye," Anil said in a surprise move before entering the flagship company headquarters at Maker Chamber in Mumbai to participate in the 12 member board meeting.

Spotlight: Battle of Ambanis -- Will they stick or split?

Severely criticising the decision to hold the board meeting for buyback, Anil said, "I was not consulted or informed about the decision before they informed the stock exchanges."

This is the first time that Anil launched a direct attack on the happenings in RIL ever since the proxy war between the Ambani siblings started more than a month back after Mukesh stated that there were some "ownership issues" in the Reliance Group founded by his father, late Dhirubhai Ambani.

PTI



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