Financial Daily from THE HINDU group of publications
Saturday, Apr 23, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 23, 2005 |
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Corporate
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Corporate Disputes Deletion of Anil's name from IPCL Web site sparks speculation Our Bureau
Mumbai , April 22 WITH only three days to go for the next board meeting of Indian Petrochemicals Corporation Ltd (IPCL), speculation has broken out as to why the name of Mr Anil Ambani has been dropped from the company Web site. A release here today from the `IPCL board' said the resignation of Mr Anil Ambani from the IPCL board of directors, tendered by his January 3 letter, was noted by the board when it met on January 20. "The subsequent letter dated January 27 addressed to the board of directors of IPCL was placed at the meeting held on March 30 and noted by the board." Today's clarification by the Vadodara-based company is said to have been prompted by media reports during the day that the IPCL Web site no longer carried Mr Ambani's name. However, it is learnt that the Web site had dropped Mr Anil Ambani's name over a week ago. Mr Ambani "technically ceased to be a director" once he tendered his resignation, a company source said. Even if he had reconsidered his resignation, the board of directors would have to re-appoint him, he said. He cited the case of Mr M.L. Bhakta, who had resigned from the flagship Reliance Industries Ltd, only to reconsider his decision later. The contents of the January 27 letter that was placed before and noted by the IPCL board on March 30 are not known. What is known is Mr Ambani's grounds for resignation - he considered it below his dignity, self-respect and self-esteem to be on the same board with Mr Anand Jain, a close confidante of Mr Mukesh Ambani. As Mr Jain continued to be on the board of IPCL, Mr Anil Ambani had no option but to go, it is said.It may be recalled that IPCL had informed the stock exchanges on January 20 that the board of directors considered the resignation of Mr Ambani as vice-chairman and director of the company and decided to request him to reconsider his decision. Legal opinion when Mr Ambani tendered his resignation in January was that while IPCL board could have kept the resignation in abeyance for as long as it wanted, the director had the option to push forward with the resignation by filing Form 32 with Registrar of Companies.
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