The Hindu Business Line : Reliance Energy forms leadership council

RELIANCE Energy Ltd today said it has formed an `Executive Leadership Council' comprising eight members and chaired by the Chairman and Managing Director, Mr Anil Ambani.

Significantly, five of the council members are among the six directors who had resigned on November 25 within days of a feud between the Ambani brothers over ownership of group companies becoming public. Mr Anil Ambani and his elder brother Mukesh are widely believed to be vying for control over Reliance Industries that holds 50.2 per cent stake in Reliance Energy.

Even though these directors — Mr Satish Seth, Executive Vice-Chairman, Mr S.C. Gupta, Mr J.P. Chalasani, Mr K.H. Mankad and Mr Amitabh Jhunjhunwala — have been nominated to the council, it is not yet clear whether they have withdrawn their resignations.

Other members of the council are Mr R.K. Aggarwal, CEO - Delhi Distribution Companies, Mr Lalit Jalan, Head - Mumbai Distribution Business, and Mr Subodh Seth, Head - Regulatory Affairs.

When contacted, the company spokesperson reiterated that the REL board had asked the six directors to "reconsider" their resignations. He, however, could not clarify whether the directors have officially withdrawn their resignations and whether the company has informed its shareholders of the directors' decision.

The board of directors had on November 30 requested them to reconsider their resignations and decided that they would continue to function normally, as before.

A company release said here today that the leadership council will work as an open, evolving forum, which will provide a continuity of leadership and strengthen organisation learning. "The establishment of the council will bring Reliance Energy in line with the best international corporate practices," it said. The release did not give any details on the operational role of the Executive Leadership Council.

Industry observers say that the forming of the council is an indicator that all is well with the company. "The idea behind the council is to harness the diverse skills and capabilities available across different functions in the organisation," the release said.

More Stories on : Power | Announcements | Corporate Disputes

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Ambanis seek `settlement' proof from Mukesh

Rupee breaches 44-mark to touch 8-month high

Kamal Nath stays mum on Press Note 18

Reliance Energy forms leadership council

Sterling buys remaining 35 pc in Barista from Tatas

Govt not to privatise profit-making PSUs — Stake may be diluted further: Montek

Labour Minister to take up EPF interest with PM

FIIs inject $1 b in a week; inflows cross $8 billion

Partial sell-off in IT stocks dampens mood

ICICI Bank plans ADR