The Hindu Business Line : Buyback inappropriate at this stage, says Anil

MR Anil Ambani, Vice-Chairman and Managing Director, Reliance Industries Ltd, abstained from voting on RIL's share buyback at the company's board meeting on Monday.

According to the company, he also opposed some other resolutions.

Much before the meeting got off, Mr Anil Ambani told waiting mediapersons that buyback at this stage was completely inappropriate.

"I believe that considering a buyback at this stage is completely inappropriate as there are several other issues that the group faces and those need to be addressed," he said.

Mr Anil Ambani also said that he was in the dark about the proposed buyback when it was first announced. "As far as today's board meeting is concerned, I have been deeply saddened and anguished with the events of the last many weeks," he said.

"I was not consulted nor informed before making the announcement to the stock exchanges on the proposed buyback."

"If we look at the recent run-up in the stock prices post the announcement of buyback I believe that there is more than what meets the eye in terms of what is happening in the market place," said Mr Anil Ambani.

With this the Ambani feud — which has been raging in the form of press releases, oblique statements made to employees, stock exchanges and others — has made its first step into the open.

"As I reflect on the events of the last many weeks, I am reminded of a Chinese philosopher who said the objective of war is peace," he said, and rounded off his comments with the inevitable tribute to his father before heading off for the board meeting.

"I would like to add two more elements to it which is dignity and self-respect. Reliance group is the dream of my father Dhirubhai Ambani and is a true tribute to our country India and its people and I will endeavour to protect and enhance his legacy."

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