The Hindu Business Line : `Only 24 pc RIL promoters' equity transferred to Anil Ambani group'

THE Anil Ambani group today said that 24 per cent of the promoters' equity in Reliance Industries Ltd (RIL) was transferred to the Anil Dhirubhai Ambani Group (ADAG) on Monday, against 37 per cent that it is supposed to get as per the demerger scheme.

However, Mr Sandeep Tandon, Chairman of Reliance Natural Resources Ltd, one of the demerged companies, said that since the power of attorney for transfer of shares has been given to ADAG, the transfer was to be effected by ADAG along with the depository participants. Reliance is no longer in the picture, he added.

Meanwhile, as allegations and counter-allegations continued to fly thick and fast between the two Ambani camps, it appears that for the first time since the spat began over a year ago open references are being made to criminal offences being perpetrated.

The Mukesh Ambani camp said that it would not pass on management control of the demerged companies to ADAG till such time that they got listed.

"We have completed the process of listing and we will hand over management control to ADAG as soon as the stock exchanges give confirmation that they are going to list the four companies," Mr Tandon said.

Referring to Reliance Communication Ventures, he said that it was unfair to blame Reliance for disclosure delays as control of over 200 companies having stake in the company were handed over to ADAG in June 2005.

According to an ADAG spokesperson, Reliance Communication Ventures Ltd will be listed by March 31, 2006.

"Reliance ADAG has informed the SEBI that listing of Reliance Capital Ventures Ltd and Reliance Energy Ventures Ltd can be completed by February 15, 2006 approximately."

On Monday, the RIL scrip closed at Rs 720.15 on the BSE, up 3.38 per cent from the previous close of Rs 696.60. Reliance Energy ended at Rs 601.55, up 0.53 per cent from Rs 598.40.

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