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Kokilaben chose auspicious day for Reliance split
The deal to split the Reliance Empire had been struck over a month ago but family matriarch Kokilaben Ambani chose on Saturday to announce it, as it was an auspicious day.
The deal to split the Reliance Empire had been struck over a month ago but family matriarch Kokilaben Ambani chose on Saturday to announce it, as it was an auspicious day, a source close to the family said.
"She (Kokilaben) was told to choose June 18 to divide Reliance between the two brothers since it was the Sarva Ekadasi day, the eleventh day of a lunar fortnight, and auspicious for the Hindus," said the source.
"It is significant since it is a day of austerity when people are not supposed to fight over material wealth and instead make an extra effort to please Lord Krishna, who, in the form of Srinath, is their family deity," the source added.
In fact, in the opening lines of the statement announcing the settlement between the two brothers, Kokilaben first invoked the blessings of Srinathji.
"With the blessings of Srinathji, I have today amicably resolved issues between my two sons, Mukesh and Anil, keeping in mind the proud legacy of my husband Dhirubhai Ambani," her statement said.
Kokilaben had also been regularly visiting their Nathdwara family temple, some 50 km from Udaipur, either alone or with one of her sons.
According to sources, family astrologers had also advised Kokilaben that if the announcement of a split is not made before the death anniversary of her husband, the legendary founder of the Reliance group, matters might drag on for a few years and even turn bitter.
Dhirubhai Ambani had died on July 6, 2002.
Kokilaben was also advised that she must ensure some stake for her two daughters - Dipti Salgoakar and Nina Kothari - since they represented the goddess of wealth for their father.
As per the split, Mukesh, Anil and their mother get a 30 percent stake each, while the two sisters will be given five per cent each.
The process will take some four-six months and will involve, among other legal requirements, an approval of shareholders and a final go ahead from the Gujarat High Court, which has the jurisdiction over the Reliance Industries group.
