RIL hits back, says ADAG never questioned agreement's validity
Mukesh Ambani-led RIL hits back, saying the "validity" of its agreement on Reliance Communication was never questioned.Updated: Jun 14, 2008 02:45 IST
Under attack from Anil Ambani's camp, elder brother Mukesh Ambani-led Reliance Industries on Friday night hit back, saying the "validity" of its agreement on Reliance Communication was never questioned.
"RIL in good faith notified both Anil D Ambani group and MTN (South African telecom giant) group of the stipulations contained in an agreement, the validity of which has never been questioned so far by ADAG," an RIL spokesperson said in a late night statement.
The statement thus questions the claims by ADAG that the Bombay High Court had held the RIL's claim of agreement of January 12, 2006 to be "unfair and unjust."
RIL's claim, based on the agreement, that it had the right of first refusal to buy the controlling stake in Reliance Communication, which is negotiating an estimated 70 billion dollar with MTN for creating a combined entity.