Ambani battle: Anil meets SEBI chief M Damodaran
Friday, May 6 2005 11:18 Hrs (IST) - World Time - 
Mumbai:
Anil Ambani, Vice-Chairman and Managing Director of Reliance group flagship company Reliance Industries Ltd (RIL), met market regulator Security and Exchange Board of India (SEBI) chief M Damodaran in the midst of his bitter battle with elder brother Mukesh on ownership issues.
Anil, who raised issues on corporate governance and disclosure norms in the group in the last few days, met Damodaran in Mumbai yesterday (May 5, 2005).
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"It was a courtesy call," Damodaran told sources today (May 5, 2005) when asked about the meeting. He, however, declined to comment on the developments in the Reliance group companies.
Although details of the hour-long meeting were not known immediately, it is presumed that Anil raised a number of issues relating to functioning of RIL and other group companies.
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Since late last month, Anil and his lieutenant Amitabh Jhunjhunwala have raised issues, including sale of IPCL equity by Reliance Capital, a company that may reportedly come to the younger Ambani as part of settlement between the two brothers, without disclosure to relevant authorities.
While Anil did not sign the financial account of RIL at its Board meeting on April 27 "owing to absence of relevant information and disclosure", he later charged Nikhil Meswani, a cousin and a close lieutenant of Mukesh, with misleading the media and investors in violation of SEBI's insider trading regulation and sought action from the regulatory authorities.
PTI
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