Financial Daily from THE HINDU group of publications
Sunday, Jul 10, 2005
Financial Daily from THE HINDU group of publications Sunday, Jul 10, 2005 |
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Corporate
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Corporate Disputes RIL annual report silent on settlement issue Our Bureau
Mumbai , July 9 THE annual report of Reliance Industries Ltd (RIL) for 2004-05 is notably silent on the ownership settlement issue. In his letter to the RIL shareholders, Mr Mukesh Ambani, Chairman and Managing Director, makes only a fleeting reference to the troubled days. "I have enjoyed steadfast support from the board of directors of RIL. I would like to take this opportunity to express my gratitude to the board, all well-wishers and RIL's over two million shareholders for their understanding and appreciation of the dynamics of the transition, and for their abiding confidence." The annual report also carries photographs of the founder chairman, Mr Dhirubhai Ambani and Mr Mukesh Ambani, but is conspicuous by the absence of Mr Anil Ambani's photograph. The RIL annual report in 2003-04 had carried photographs of all three Ambanis. The report, while listing the names of the 11 directors, notes that Mr Anil Ambani resigned as the Vice-Chairman and Managing Director of the company on June 18, 2005 and ceased to be a Director with effect from that date. Referring to the findings of the Corporate Governance and Stakeholders' Interface Committee, the report says the company had "fully complied with all applicable norms of corporate governance and listing agreements." The report said the committee has engaged consultants to help develop processes to meet the additional requirements with respect to best practices. During the year, both Mr Mukesh Ambani and Mr Anil Ambani were paid Rs 21.72 crore each. This included a salary component of Rs 60 lakh, perquisites of Rs 48 lakh and commission of Rs 20.64 crore. Clearly, there seemed to be no dispute on the remuneration that was to be paid to the two Ambani brothers.
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