The Hindu Business Line : Anil discusses issues with Company Affairs Minister P.C. Gupta

THE bitter battle between the two siblings of India's largest business family, the Reliance Group, has reached the Ministry of Company Affairs. The younger of the two brothers, Mr Anil Ambani, on Friday met Mr Prem Chand Gupta, the Minister of State (Independent Charge) of Company Affairs, and Secretary Company Affairs, Ms Komal Anand on Thursday.

Mr Ambani is understood to have discussed various ongoing issues regarding differences between the two brothers, including questions of ownership of the various Reliance companies. When contacted by Business Line, Mr Gupta remained non-committal on the issues discussed.

Till date the Ministry has been maintaining that it has received no complaint from any stakeholders of the company on any controversial issues on corporate governance or buy-back of shares in the flagship company, Reliance Industries Ltd (RIL). It had, however, said that the Government is aware of its responsibilities and will take appropriate action as and when necessitated in any corporate case.

He also met the Prime Minister, Dr Manmohan Singh, and donated Rs 1 crore to the Prime Minister's Relief Fund. Interestingly, the junior Ambani is understood to have donated the amount in his personal capacity over and above Rs 5 crore donated by Reliance for tsumani victims.

With the Reliance drama taking a new turn every moment, Mr Ambani's meeting has led to speculations that a legal battle may be in the offing. Sources further revealed that Mr Anil Ambani also met a number of senior Finance Ministry officials as well as Finance Minister Mr P. Chidambaram.

Mr Anil Ambani, Vice-Chairman of Reliance Industries Ltd, has recently resigned from the post of vice-chairman of group company Indian Petrochemicals Corporation Ltd (IPCL). Reliance had acquired the Government's 26 per cent stake in IPCL in 2002 as part of the privatisation drive. Mr Mukesh Ambani is Chairman of IPCL.

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