The Hindu Business Line : RIL board kept in the dark, says Anil

THE agenda for Reliance Industries Ltd's (RIL) proposed board meeting scheduled for Monday, a day ahead of the 72nd birthday of Dhirubhai Ambani, was a matter of intense speculation with Mr Anil Ambani claiming that the RIL board was kept in the dark about the shareholding pattern of Reliance Infocomm though it is the largest shareholder in the company.

In a letter written to all the directors last week as Vice-Chairman and Managing Director of RIL and leaked out to the media today, the younger brother has said that the "RIL board neither discussed nor approved" the changes in the equity pattern of Reliance Infocomm when they were made.

This is the second letter written by Mr Anil Ambani this month on the issue of Reliance Infocomm amid reports that Mr Mukesh Ambani, as head of the venture, got 12 per cent sweat equity for Rs 50 crore that was valued many times more.

When asked whether the issue would be taken up at Monday's meeting, company officials maintained that the agenda would be available only to the board members. They said that the agenda would be finalised over the next two days.

According to agency reports, a RIL spokesperson has said that even in the case of Reliance Energy Ltd (REL), RIL had not been consulted by REL before the proposed re-amendment of the relevant Articles of Association in March this year and that RIL has not sought in any manner to withdraw any powers conferred by it to Mr Anil Ambani.

Interestingly, senior stock brokers who had seen the growth of RIL from early days pointed out a third option — that maybe the board would defer decision on all or most of the issues and decide to meet again in the near future.

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