Stock exchanges ask Reliance for settlement reports
Thursday, March 24 2005 19:40 Hrs (IST) - World Time - 
New Delhi:
Stock exchange authorities today (March 24, 2005) asked Reliance Group to clarify reports about settlement between the wrangling Ambani siblings under which Mukesh is to get flagship company RIL and his younger brother Anil Reliance Infocomm, Reliance Energy and Reliance Capital.
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Companies headed by each of the two brothers side-stepped the issue of settlement saying they were unaware of the veracity of the reports and declined to make comments. Neither camp commented on the settlement process or its status.
In identical clarifications RIL and IPCL, both headed by Mukesh, informed BSE that "they are not aware of the veracity of the contents of the news report referred and can make no comments."
It was widely reported in media that as part of division of assets, Mukesh was also likely to control IPCL on the basis of a formula recommended by ICICI Bank Chief K V Kamath in his valuation report submitted to Kokilaben, widow of group founder Dhirubhai last month.
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Maintaining that it was not the company policy to comment on speculation and rumours, Anil Ambani headed Reliance Energy informed the National Stock Exchange that, "Developments, if any, which concern stakeholders of the company will be intimated in due course, and at the appropriate time, in line with listing agreements."
As the exchange authorities sought clarifications, stock prices of group companies, including Reliance Capital, showed moderate increase during the intra-day trading before closing slightly higher than the last trading session.
PTI
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