Financial Daily from THE HINDU group of publications
Sunday, Jun 19, 2005
Financial Daily from THE HINDU group of publications Sunday, Jun 19, 2005 |
|
|
|
|
|
Home Page
-
Petroleum Corporate - Corporate Disputes No need for Govt intervention: Chidambaram India Inc must adopt more transparent system: P.C. Gupta Our Bureau
New Delhi , June 18 THE Union Finance Minister, Mr P. Chidambaram, said on Saturday that he was happy that the Ambani siblings (Mr Mukesh Ambani and Mr Anil Ambani), owners of India's largest private industrial house, the Reliance group, have resolved their differences amicably. Asked if the Government had a role in facilitating the settlement, Mr Chidambaram told Business Line, "Both of them continued to meet me, speak to me from time to time and kept me informed." "I think their mother helped them to a great extent, so did Mr K.V. Kamath of ICICI. They (brothers) have kept the larger interest of the shareholders in mind," he said. The Finance Minister added that there was no need for the Government to intervene with both the brothers arriving at a settlement. "If there is any specific violation or complaint, we can look into it. But after this settlement, I don't think there is any need for an inquiry," he said.
While welcoming the final settlement between the Ambani siblings, the Minister of State (Independent Charge) for Company Affairs, Mr Prem Chand Gupta, said that India Inc needs to adopt a more transparent system for maintaining good corporate governance practices. When asked whether the Ministry would continue to examine the complaints received from Mr Anil Ambani on lapses in corporate governance norms by Reliance Industries Ltd and other group companies, Mr Gupta told Business Line that "Certain issues were raised by Mr Anil Ambani. We have sought information from the Registrar of Companies (RoCs) concerned. Once the information is received, then based on that, we will decide what has to be done." Based on the complaint received from Mr Anil Ambani, the Ministry had asked the RoC concerned to issue a notice to Reliance Group companies. Commenting on the settlement, Mr Gupta said, "I have always been of the opinion that this issue should be amicably resolved between the two brothers. The phenomenon of ownership is not new, it happens across the globe in the corporate world. This settlement should bring a great relief to the investors, particularly the small investors and other stakeholders." With the settlement taking place, the two brothers can now concentrate on further expanding and diversifying their business in various industrial and infrastructure sectors, Mr Gupta said. The Government has been keeping a close watch on the developments in the Reliance group, following the complaints received from Mr Anil Ambani.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|