Yet again, it's Ambani versus Ambani

Now, the Mukesh-Anil battle is over enforcing the RIL ownership settlement.

Scoffing at allegations of "criminal attempt" to frustrate the transfer of new companies to Anil Ambani's group, Sandeep Tandon, a key aide of Mukesh Ambani, on Monday dared the younger Ambani's camp to file a criminal complaint and said he was willing to face the consequences.

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Amid the renewed battle between the Ambani siblings over giving effect to the ownership settlement in the Reliance empire, Tandon pooh-poohed the attack on him as an exercise to create media hype for gaining control of the four companies carved out of Reliance Industries.

Asserting that listing of the demerged companies had to be done by Reliance Industries, Tandon said: "We just want to do that (listing) before handing over control to protect the interest of shareholders."

"But there has been continued attempts by the Anil camp to block that process," he said, adding that after much effort they were able to complete the listing formalities for three demerged companies and had written to Bombay Stock Exchange to expedite the process.

Reacting to Tandon's statement on Sunday, a spokesperson of Anil Dhirubhai Ambani Group (ADAG) had accused Mukesh's side of "criminal attempt" to frustrate the transfer of shares to it, while questioning the independence of Tandon and LV Merchant, who are on the board of the four new companies to be transferred to ADAG.

Asked about the allegations against him, Tandon said: "There is no criminality. They (Anil camp) are just trying to create a media hype to force transfer of the companies before listing.

"If they think there is any criminal intention, they should file a criminal case against me. I am ready to go to jail if I am proved guilty."


Asked about the allegation of deliberate delay in share transfer, he said: "There is no delay in share transfer, the process is still on and it should be completed very soon. It is taking some time because it is a big exercise as there are 1,400 folios."

"Once listing is done we will hand over the companies to ADAG," he said.

Tandon, however, refused to speculatee the reason behind delay in listing by BSE, but said: "We have completed our responsibility."

In another communication to SEBI, BSE and NSE on the same day, a copy of which was e-mailed to Gautam Doshi, a nominee of Anil Ambani to the board of one of the resulting companies, Tandon had emphasised the importance of early listing of the companies in view of media reports that grey market trading of the companies' shares had begun.

"There was deliberate attempt to delay the process of listing of the companies the details of which I had given in my e-mail to Doshi," he said.

He said board meetings of the resulting companies had been scheduled on January 27, 2006, with one of the agenda being finalisation of Information Memorandum for filing with stock exchanges for listing.

In his e-mail to Doshi, Tandon said: "In spite of the fact that finalisation of Information Memorandum was on the agenda, you, along with Satish Seth, Amitabh Jhunjhunwala and JP Chalasani chose not to attend the meeting and instead asked the respective boards not to consider the IM and also onjecting to the approval of the IM."

"These actions are contrary to the interest of over 20 lakh shareholders who are waiting to get the shares of the resulting companies being listed," Tandon said in the mail.

Tandon also alleged in his e-mail to Doshi: "Regretably, it is apparent that your intention is only to have the board reconstituted but delay listing of shares."

He said despite "non-cooperation from the Anil Ambani camp," they completed all listing formalites with respect to three companies.

As regards Relilance Communication Ventures Ltd, the fourth resulting company, certain informations were required for completing the draft IM pertaining to the operating companies, like Reliance Communication Infrastructure Ltd, Reliance Infocomm Ltd and Reliance Telecom Ltd, he said.

He alleged that there were plans by the ADAG to merge their other telecom companies with RIC before listing which he had mentioned in his e-mail to Doshi with its consequences.

"We had objected to your wanting to merge RTL and Reliance Infocomm Infrastructure Ltd with RIC before listing as this would have diluted the holding of RCoVL in RIC and this could be decided after listing by the incoming shareholders of RCoVL," he wrote in e-mail.

"Therefore, on this ground also, listing is of paramount importance," Tandon wrote in his mail to Doshi.