Anil writes to Sebi on IPCL issue

In the continuing drama over his resignation from Reliance Group petrochemical company IPCL, Anil Ambani has asked market regulator Sebi and stock exchange authorities to look into the issue as well as adherence to all relevant laws.

Reliance Industries Vice-Chairman and Managing Director Anil Ambani, engaged in a battle with elder brother Mukesh over the control of Reliance empire, wrote to SEBI, Bombay Stock Exchange and National Stock Exchange last evening, coinciding with IPCL’s public statement that the younger Ambani ceased to be a director from January 20.

In his letter, sources said, Anil wanted the authorities to look into the handling of his resignation issue by IPCL, the board’s governance as well as to check whether all disclosure norms under the listing agreement were followed.

Sources in Anil’s camp had yesterday said the younger Ambani had communicated his offer to reconsider resignation as Vice-Chairman and Director of IPCL through a letter dated January 27 after the company unanimously decided at its meeting on January 20 to urge him to reconsider his decision.

However, IPCL in a statement last evening, said Anil’s resignation from its board of directors became effective from January 20 this year when the board considered it.

“The board’s request for reconsideration of resignation and the response of Anil Ambani with pre-conditions does not change the fact of his having ceased to be a director from January 20, 2005,” IPCL had stated.

Although the board had not accepted the condition set by Anil, it (the board) had decided to request him to reconsider his resignation as a matter of good gesture.

Anil in his reply dated January 27, 2005 addressed to the board, appreciated its gesture but did not reconsider his resignation and instead put further conditions on the board which were not acceptable, the statement said adding these letters were noted by IPCL board at its meeting on March 30, 2005.

The statement also pointed out that Anil neither attended the board meeting of January 20 nor sought leave of absence.