Mukesh hands over 4 cos to Anil
This brings to an end the acrimonious war over giving effect to the settlement between the Ambani brothers last year.india Updated: Feb 08, 2006 13:07 IST
The Ambani brothers smoked the peace pipe on Tuesday evening even after fighting a few rounds of a verbal duel earlier. At the end of the day, the control and shareholding of the four new companies carved out of Reliance Industries Ltd (RIL) were transferred to younger brother Anil.
Anil and his men were installed as directors in these companies and RIL’s Sandeep Tandon and LV Merchant resigned from their boards. The companies are Reliance Energy Ventures Ltd, Reliance Capital Ventures Ltd, Reliance Communication Ventures Ltd and Reliance Natural Resources Ltd.
A press release from Reliance said, “The reconstituted board under the control of Anil D Ambani would now be expected to take the remaining procedural steps for the shares of the companies to be listed.”
The release further said that the Bombay Stock Exchange has written a letter to Reliance on February 6 indicating that some more formalities have to be completed for the listing. This includes filing of a final information memorandum, approved by the four boards.
Anil camp sources indicated that the original timeline for listing of these companies would now be adhered to. They had earlier said that Reliance Energy Ventures and Reliance Capital Ventures can list as early as February 15. Reliance Natural Resources would be listed as soon as the gas supply agreement is finalised and Reliance Communication Ventures would list by March 31.
Kokilaben, the mother of Mukesh and Anil, was in the spotlight again on Tuesday as agencies reported that the Anil camp had said that 12 per cent shares that were yet to be transferred to him belonged to Kokilaben. It revealed for the first time that Kokilaben will be holding a 12 to 15 per cent stake in the four companies that have been carved out.