The Hindu Business Line : Bhakta persuaded to reconsider resignation from Reliance board

THE Chairman of Reliance Industries, Mr Mukesh Ambani, has persuaded senior director on the board of the company, Mr M.L. Bhakta, to reconsider his resignation of Tuesday, according to a news release issued by Reliance on Wednesday.

"I cannot even imagine accepting it," said Mr Ambani, quoted in the news release.

News of Mr Bhakta's resignation on Tuesday fuelled further speculation on the Reliance controversy, with rumours that more directors on the board may resign, or that the board of directors itself would be reshuffled.

Mr Bhakta, in a letter written to the Chairman on Tuesday, had expressed his desire to resign on the grounds of age, said the news release. However, coming at the time it did, the announcement only complicated the situation, said Reliance sources.

Mr Ambani, calling on Mr Bhakta this afternoon, recalled his role as "a valued colleague of the founder chairman of the company, Dhirubhai Ambani, and as a guide and mentor of the present leadership of the company thereafter."

Anil Ambani skips World Bank-CII meet

Meanwhile, Mr Anil Ambani failed to turn up at a World Bank-CII conference on `Improving India's Investment Climate', where he was listed as one of the speakers.

A huge media contingent had landed up at the venue, only to be told that he would not be coming.

Scrips slide

On the stock exchanges, shares of Reliance group companies continued their downward movement on Wednesday.

Scrips of Reliance Industries, Reliance Energy and Reliance Capital opened low and showed sluggish movement through the day.

With the controversy continuing, the Reliance counter witnessed significant selling pressure.

By the close of trading, Reliance Industries shed Rs 13.30 to close at Rs 515.

Both Reliance Capital and Reliance Industrial Infrastructure Ltd shed Rs 3.05 each, to close at Rs 140 and Rs 76.45, respectively.

Reliance Energy shares closed at Rs 583.10, lower by Rs 15.05 from Tuesday's close. Reliance Energy scrips are now trading at their lowest levels since mid July.

The share has lost 7.21 per cent in the last four days of trading.

The Sensex closed above the 6,000-mark for the second consecutive day, gaining 26.09 points to close at 6,035.95.

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