IPCL Board asks Anil to reconsider his resignation
Thursday, January 20 2005 15:26 Hrs (IST) - World Time - 
Mumbai:
In the continuing war of attrition between the Ambani brothers, Anil Ambani was today (Jan 20, 2005) urged to reconsider his resignation as Vice-Chairman and Director of IPCL headed by his elder brother Mukesh, but he is unlikely to accept the plea.
The Board of IPCL, a petrochemical company and erstwhile PSU acquired by Reliance three years ago, met in Mumbai under the Chairmanship of Mukesh to consider the January 3 resignation by Anil who refused to be on the same Board as a close associate of his elder brother, Anand Jain, whom he has accused of conspiring to divide the Ambani family.
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The 12-member Board, however, chose not to accept Anil's resignation and instead urged him to reconsider it. Jain was among the Directors present.
Unhappy that the Board had done nothing about Jain nor addressed issues of conflict of interest between him as a company Director and his family's business relationship with the Reliance group, sources in the younger Ambani's camp indicated he would not reconsider the resignation.
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However, there was no official comment available from Anil's side on whether he would consider the request of the IPCL Board.
In a communication to stock exchanges, IPCL, after its Board Meeting, said the resignation of Anil was considered and it was decided to request him to reconsider his decision.
PTI
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