The Hindu Business Line : `It's Reliance XI vs Anil'

THINGS have not improved much since Mr Anil Ambani met the media last, ahead of a RIL board meeting on December 27. Today, four months later, when he met the waiting media brigade, there was a sense of déjà vu.

Unlike last time when Mr Anil said he was saddened and anguished with the events of the preceding weeks, this time there was no time for emotive issues as he launched a direct attack on the RIL board.

The first salvo was fired against IPCL (Indian Petrochemical Ltd). Commenting on reports that the Vadodara company had expressed readiness to take him back on its board, Mr Anil said he was yet to hear from them. Where is the question of any reconsideration, he asked.

On the corporate governance committee of RIL giving the company a clean chit, Mr Anil said, "Did you really expect anything different to happen? This is a very different type of cricket game. You have got Reliance XI versus Anil Ambani. What do you expect?"

On attempts by certain quarters to throw him out of the RIL board, he said, "I have put this on record to the board of directors. And they have chosen to ignore all my comments and suggestions."

Mr Anil said he continued to be the Vice-Chairman and Managing Director of Reliance Industries contrary to the designs of many. "I have been appointed by a body of shareholders. And I think I owe my ultimate responsibility to over three million shareholders in this company," he said.

He added that the company was run professionally and it had great talent, strong systems and foundation. It is time to reward the shareholders who have stood by the company for many years, he said.

"This is their time for reward. And I have made suggestions in the past, which the board has continued to ignore - in terms of distributing treasury stock, issuing bonus share, increasing the dividend payout ratio - since we are in a fundamental up-cycle, both in oil and gas business and petrochemicals business. But clearly, I am in a minority as far as rewarding shareholders, transparency and governance is concerned," Mr Anil said.

He concluded saying that he did not expect anything different from the Reliance corporate governance committee report. "The issues were raised by me. The committee, in finalising the report, did not think it appropriate to even have a discussion or dialogue with me."

Mr Anil, who was agitated going into the board meeting left quietly after the meeting.

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

Stories in this Section
SC clears Shopper's Stop IPO

`It's Reliance XI vs Anil'

Govt clears natural gas production at K-G field

Reliance Ind Q4 net climbs 62 pc — Scrip falls as Ambani dispute 'worsens'

FMCG stocks shine; RIL, tech stocks weaken

Temasek proposal to pick up Idea stake awaits CCEA nod