RIL ignored Anil's plea for bonus to shareholders
Wednesday, January 5 2005 14:15 Hrs (IST) - World Time - 
New Delhi:
Reflecting the differences with elder brother Mukesh on buyback of shares by flagship company Reliance Industries, Anil Ambani today (Jan 5, 2005) said he had proposed that 12 per cent equity in RIL held by the Petroleum Trust and four companies be distributed free of cost among the existing shareholders.
A spokesperson for RIL Vice Chairman and Managing Director Anil Ambani said, "In his presentation to the RIL Board, Anil proposed that 12 per cent stake (held by Petroleum Trust and four companies) should be distributed as bonus shares free of cost to all, more than 20 lakh, shareholders."
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RIL Board, however, rallied behind Chairman Mukesh and passed the buyback proposal ignoring Anil's suggestions.
Commenting on news reports relating to 12 per cent equity stake held by Petroleum Trust and four companies, the spokesperson stated, "In his presentation at the RIL Board meeting on December 27, Anil D Ambani said that 12 per cent RIL equity stake held by the Petroleum Trust and four Companies, belongs to all, more than 20 lakh, shareholders of RIL."
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This issuance of this equity as a free bonus would also be in line with founder Chairman Dhirubhai's announcement at the 1997 Annual General Meeting that RIL would have a continuous programme of bonus issue, generally once in five years.
RIL shareholders were issued bonus share in 1997.
PTI
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