Anil steps down as MD; not to attend board meet
Saturday, June 18 2005 11:06 Hrs (IST) - World Time - 
Mumbai:
Reliance Industries Vice Chairman and Managing Director Anil Ambani today (Jun 18, 2005) resigned from the company and is not attending the board meeting being chaired by his elder brother Mukesh.
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The board meeting began minutes before and it would accept Anil's resignation, highly placed sources said adding this is part of the changes being effected to execute the settlement between the two brothers over the seven-month long battle on the ownership issue of Reliance empire.
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As part of the settlement reached this morning, Anand Jain is set to step down from the Board of the IPCL.
Jain was in the eye of the storm with Anil accusing him of conspiring to divide the family but being in the core group of Mukesh, he continued in the same capacity.
Anil then had asked Mukesh to choose between him and Anand Jain and in the absence of any favourable response, Anil quit IPCL board as its Vice Chairman and Director.
Anand Jain, who is away to Goa for his daughter's marriage, could not be contacted for comments. However, the annoucement of his resignation is expected after the Board
meeting today.
PTI
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