'Media spreading baseless canards against Reliance'
Thursday, January 6 2005 14:35 Hrs (IST) - World Time - 
Mumbai:
For the last several weeks, electronic and print media has been used by undisclosed and unnamed sources to spread totally baseless canards against the company and its Chairman, Mukesh Ambani. This malicious campaign is designed to tarnish the image of the company and its leadership.
The Board of Reliance Industries Ltd, is the proper forum to discuss and decide corporate issues and tendentious planting of stories is intended to cause damage to Reliance Industries.
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Reliance Industries Ltd strongly refutes the totally baseless insinuations that the Ambani family has appropriated some shares, which were acquired by a few companies on merger of RIL and RPL and were held by them to ensure that their economic benefits, flow to the shareholders.
Economic benefits of RIL shares held by these 4 companies have always been for the benefit of RIL's shareholders, and remains so. This fact has been reiterated by RIL a number of times.
Discuss this topic
As late as in April 2004, the Chairman and Managing Director of RIL, Mukesh Ambani reaffirmed his endeavor to maximize the benefits flowing from these shares to the shareholders of RIL.
It is, therefore, baseless to allege that there has been any intention of the management of RIL to divert the benefits of these assets to the promoters.
It is reiterated that the aforesaid companies continue to hold 4.7 per cent holding in RIL (for the benefit of RIL's shareholders) without any change in its holdings.
Agencies
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