Anil Ambani cries foul play at the RIL Board meeting

The Ambani versus Ambani battle continued unabated today with younger sibling Anil Ambani terming his fight with elder brother Mukesh Ambani as ‘Reliance 11 versus Anil’.

The Vice Chairman and Managing Director of Reliance Industries Limited (RIL) also alleged that there was a conspiracy to oust him from the flagship company.

Making a clear pitch to thousands of Reliance shareholders minutes before the RIL Board meeting, Anil said his many suggestions to introduce corporate governance and on dividends and bonus suggestions were completely ignored.

No communication from IPCL

On the reported decision of the IPCL Board, from which he had resigned on January 3, at its meeting yesterday that Anil should reconsider his decision, he said,” As of now I have no communication on my offer to resign from IPCL Board. I do not know what IPCL Board is doing. I do not know whether they have communicated to stock exchanges.”

Anil also told reporters “I have put it on record. Board has chosen to ignore all my communications.”

The sharp reaction was an exact repeat of the drama witnessed outside RIL’s December 2004 board meeting.

Media war

Except that it comes at a time when it seemed a settlement was around the corner. From his language today, it clearly points towards a return to the media war.

Replying to another query he said, “I still continue to serve contrary to the designs of several people who do not want me to continue in this company.”

“I still serve as Vice Chairman and Managing Director of Reliance Industries,” he added.

Corporate governance issues

Anil says he raised a number of issues on corporate governance even while he was negotiating with his brother, but those have been ignored.

Anil ridiculed the reported clean chit given to his brother Mukesh by the RIL Board’s Corporate Governance Committee saying, “did you really expect anything different to happen. This is a very different type of cricket game. You got Reliance Eleven Vs Anil Ambani.”

He said the Committee even did not bother to have a discussion with him while considering the issues raised by him.

Meanwhile, all that RIL officials said is that their internal report on corporate governance dismissed Anil’s charges.

“Whatever he has said is untrue,” said Y P Trivedi, independent member, RIL board.

However, Anil’s attempt to play martyr today is being seen by some as irresponsible as he didn’t sign the accounts at the board meeting.