The Hindu Business Line : Investments in Reliance Info: Anil seeks details of legal opinion

MR Anil Ambani, Vice-Chairman and Managing Director, Reliance Industries Ltd, is understood to have sought details of the legal opinion claimed to have been obtained on RIL's investments in Reliance Infocomm (RIC).

A member of RIL's corporate governance panel had told presspersons after the company's board meeting last Friday that two senior legal experts had given their opinion that investments in RIC are in accordance with corporate governance norms.

Mr Anil Ambani, according to sources close to him, has sent e-mails to RIL's corporate governance panel and to its company secretary asking them to provide him with details of the legal opinion claimed to have been obtained.

He has also asked why the said legal opinion was not tabled at Friday's board meeting.

Members of the RIL corporate governance panel include Mr Y.P. Trivedi, independent director on RIL board, Mr M.P. Modi and Mr D.V. Kapoor.

Sources close to Mr Anil Ambani said that he had also sent a 500-page document by registered mail to members of the corporate governance panel two days before the board meeting highlighting various corporate governance issues in the company.

This too was not tabled at the board meeting, the source said. The document, sources said highlighted several issues of corporate governance within the group companies.

Mr Anil Ambani had, at the outset of the dispute with his brother Mr Mukesh Ambani over the ownership issues in Reliance group, questioned RIL's investments in Reliance Infocomm through preference shares.

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

Stories in this Section
Investments in Reliance Info: Anil seeks details of legal opinion

ONGC to commission its first retail outlet in Mangalore soon

Pharma retailers threaten to stop stocking psychotropic medicines — Allege harassment under narcotic drugs Act

New autonomy package for PSU banks on cards — Exercise to depend on good corporate governance practices

FMCG firms find novel ways to cut costs, maintain prices

Those who know when they have enough are rich