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THE MUKESH Ambani group said on Tuesday that the ownership and transfer of management control to Anil Ambani has been completed. It added that the onus of listing the four new companies now rests with the Anil Dhirubai Ambani Group. Former chairman of all the four companies, and nominee of the Mukesh Ambani-owned RIL, Sandeep Tandon said: "The ownership and transfer of control was done in a very cordial manner. I and L V Merchant have resigned from the boards."

india Updated: Feb 08, 2006 01:30 IST

THE MUKESH Ambani group said on Tuesday that the ownership and transfer of management control to Anil Ambani has been completed. It added that the onus of listing the four new companies now rests with the Anil Dhirubai Ambani Group.

Former chairman of all the four companies, and nominee of the Mukesh Ambani-owned RIL, Sandeep Tandon said: "The ownership and transfer of control was done in a very cordial manner. I and L V Merchant have resigned from the boards."

The Boards were reconstituted with Anil Ambani and his nominees being appointed to the companies, carved out from the Reliance Industries as part of the ownership settlement between the two brothers.

"We have comfort letters from the Bombay Stock Exchange that all papers are in order. There is some more information required and it is for the new management to furnish that information and list the companies as soon as possible,” Tandon said, shortly after the Board meetings.

The Mukesh group further stated that it had transferred the entire 12 per cent shares of Kokilaben Ambani to the four new companies. It added that the shares had been transferred as per the Power of Attorney (PoA) given to ADAG under the June 2005 settlement, said.

Senior RIL officials informed that the the new companies could be listed once the certified copy of the final information memoranda, approved by the Board is submitted and clause 49 of the listing agreement complied with.

An RIL spokesperson said: "The primary objective of the demerger was to unlock shareholder value for the shareholders of the demerged companies and the resulting companies."

First Published: Feb 08, 2006 01:30 IST