Legal opinion gives clean chit to RIL on Governance
Friday, January 21 2005 15:49 Hrs (IST) - World Time - 
Mumbai:
Investments in Reliance Infocomm are in line with Corporate Governance (CG) norms and eminent retired judges have endorsed that the CG practices are legally sound, Y P Trivedi, an independent Director of Reliance Industries Ltd said in Mumbai today (Jan 21, 2005).
"We have got opinions from former Chief Justice S P Bharucha and Justice M L Pendse and there is no violation of CG norms and everything is in place," Trivedi, also a Supreme Court advocate, told newspersons in Mumbai after the board meeting when asked about issues concerning investments in Reliance Infocomm.
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The RIL CG panel has met twice to discuss governance practices and related issues and would meet again shortly, he said adding that M P Modi and D V Kapoor are the other two members of the panel.
On issues raised by Vice Chairman and Managing Director Anil Ambani about various investments, Trivedi said, "He (Anil) has to write to the board which would refer the matter to the CG panel. There is no shying away from any issue raised or referred to us. We will go through them."
Trivedi said, "We will ensure that all discussions take place in a transparent manner and will be made known to all, if the company authorises so."
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He said "there is nothing wrong that has been seen on any issue relating to finances". However, he said that he would not like to go into specific details.
Trivedi said today's board meeting, which was chaired by Mukesh Ambani to discuss the third quarter results, was held in a cordial atmosphere and there were no rumblings between the two brothers, who exchanged pleasantries.
"I hope that the issues would be resolved soon," he said.
PTI
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