Govt expresses concern over Reliance developments
Monday, May 16 2005 19:47 Hrs (IST) - World Time - 
New Delhi:
Ministry of Company Affairs today (May 16, 2005) said that it had received complaints from Reliance vice-chairman and managing director Anil Ambani, engaged in a public bickering with elder brother Mukesh over ownership issues, and that Government was "concerned" over the developments in the group.
"Government has to do its job. We are concerned over the developments taking place," Company Affairs Minister Prem Chand Gupta said, after inaugurating the E-learning initiative of Institute of Cost and Work Accountants of India.
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"We have received complaints from Anil Ambani," he said but declined to comment on the nature of the same.
"We are not sleeping over the matter. We know what we have to do," Gupta said breaking silence over the Reliance developments, including charges of violation of corporate governance and disclosure norms levelled by the younger sibling, that had been reported widely in the media.
Gupta's comments come within days of market regulator SEBI stating that Anil had sent a number of communications to it and its chairman M Damodaran saying these issues were being looked into.
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"We are getting feedback (on Reliance developments) from the Registrar of Companies," he said.
Dubbing Reliance as one of the biggest private sector entities, the Minister said that any destabilisation was a matter of concern for the Government, as it involved interests of millions of investors. The developments could also affect the health of the economy, he added.
The first direct comments from the Minister concerned come amid reports that the two brothers have resumed negotiations to resolve the dispute.
PTI
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