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Sunday, Dec 15, 2019

ADAG threatens criminal action against RIL officials

Anil Ambani group threatens to start criminal proceedings amidst the battle with Mukesh-led group on its ongoing talks for a deal with South African telecom giant MTN.

business Updated: Jun 18, 2008 22:50 IST

PTI
Hindustantimes
         

Anil Ambani group on Wednesday threatened to start criminal proceedings against RIL officials amidst the battle with Mukesh-led group on its ongoing talks for a deal with South African telecom giant MTN.

"We will start criminal proceedings against RIL officials -- Sandeep Tondon, LV Merchant, K Sethuraman and others -- in case the Mukesh Ambani-led company persisted with the 'fraudulent' agreement of January 12, 2006 to assert its alleged right of first refusal," an RCOM official said.

When contacted, an RIL spokesperson declined to comment on the latest missive.

RIL had earlier threatened legal action against ADAG and MTN saying any violation of its first right of refusal by either would be dealt with legally and the company would also seek damages.

RIL had also earlier said that the agreement was very much in place and that ADAG had never challenged the validity of the same.

Earlier in the day, RCOM released excerpts of a letter written by ADAG to RIL on January 12, 2006, that alleged "fraudulent misuse of powers by RIL officials in execution of alleged agreement on January 12, 2006."

The letter also charged RIL officials of "criminal breach of trust" and "gross violation of fiduciary obligations" in signing the alleged agreement, RCOM statement said.

The letter termed the agreement as "one-sided and not on arms length basis."