Anil stays away, but reunion mood rules
Shareholders looking for a movie-style arrival of Anil Ambani to the shareholders meeting of Reliance Industries Ltd were disappointed on Friday.business Updated: Jun 18, 2010 21:08 IST
Shareholders looking for a movie-style arrival of Anil Ambani to the shareholders meeting of Reliance Industries Ltd were disappointed on Friday.
The rapproachment with his estranged brother seemed to be relatively low-key, but the mood was upbeat at the Birla Matoshri hall in south Mumbai as elder brother Mukesh held forth on the company’s expansion plans.
From twenty-year-olds to septuagenarians, from novices to experienced investors, shareholders of the company that has given corporate democracy a trendy feel turned up in droves. Mukesh’s assurance of gas for Anil-controlled power plants was the only visible signal of the peace that has broken out at Sea Wind, the family building.
“It [the reunion] is good for both the brothers and also for the shareholders. Both the groups have spent so much time and money on the lawyers and counselors,” said Shailesh Mehta, an investor.
Shareholders took turns to applaud the reunion and thank their mother Kokilaben for making it happen.
Illa Jhaveri, 79, leaning on a walker as she entered the hall, bought her shares during the company’s initial public offering and has not missed a meeting since.
“I’ve come here to find out if the brothers are really back together,” she said.
College student Radhika Ashar, 22, looked like she had come to see a star. But the young investor, expecting a movie-like climax, had to settle for less, as the event seemed like more like a flashy episode in a television soap opera.