'Address CG issues before I rethink resignation'
Saturday, January 22 2005 13:29 Hrs (IST) - World Time - 
Mumbai:
Virtually turning down the request of Reliance Group company IPCL (Indian Petrochemical Ltd) for reconsidering his resignation as Vice Chairman and Director, Anil Ambani, engaged in a war of attrition with elder brother Mukesh, today (Jan 22, 2005) sought resolution of issues, including corporate governance and disclosure, before any rethink on his decision.
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Speaking through his spokesperson, Anil said, "There are substantial issues of corporate governance, disclosure, related party transactions and conflict of interest among others that the Board needs to seriously address. Once these issues have been resolved, a constructive forward path on the resignation can be considered," the spokesperson said.
He added, "Anil Ambani has not heard anything from IPCL or its Chairman Mukesh Ambani." Anil had resigned from the board of IPCL, a PSU acquired by the Reliance Group in 2002, saying it would be below his dignity to serve on the same board as Anand Jain, whom he accused of conspiring to divide the family.
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He alleged Jain had a conflict of interest in the company where, through his relatives, he was a distributor of the products, besides being a Director.
The IPCL board at its meeting on January 20 requested Anil to reconsider his resignation but none of the issues raised by him, including a demand for independent report from a reputed accounting firm on Anand Jain's business relations, was taken up.
PTI
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