Business & Economy
Six directors resign from
Reliance Energy Board, crisis deepens
What is India News Service,
Friday, 26 November 2004, 1700 hrs IST
Six directors of Reliance Energy Ltd Thursday tendered their resignations
from the board of the company, deepening the mystery surrounding the differences between the two Ambani brothers.
These six directors are believed to be close to Mr Anil Ambani, who is also Chairman and Managing Director of Reliance Energy Ltd.
No reasons were cited for their sudden resignation.
The directors who have submitted their resignations are: Mr Satish Seth, Executive Vice-Chairman; Mr K.H. Mankad, Whole-time Director (finance); Mr S.C. Gupta, Whole-time Director (operations); Mr J.P. Chalasani, Whole-time Director (business development); Mr Amitabh Jhunjhunwala, Director; and Prof J. Ramachandran, Independent Director.
What surprised many Reliance observers is that majority of the directors who put in their papers were believed to be close to Mr Anil Ambani. Four of them are from the Reliance Industries fold while Prof Ramachandran is a faculty member of the Indian Institute of Management, Bangalore.
Anil Ambani breaks his silence: Vice-Chairman of Reliance
Industries Anil Ambani broke his silence on the Reliance ownership controversy. In a brief statement to newspersons outside the Reliance corporate headquarters in South Mumbai this evening, he
said he would not comment on the crisis at this moment.
Spotlight
The Reliance ownership row
Anil Ambani skips conference: Amid controversy over `ownership issue,' the Vice Chairman of Reliance Industries, Anil Ambani, today skipped a World Bank conference on `Improving India's Investment Climate.'
Reliance row may reach courts: Anil’s response to Mukesh’s claim that he is the boss did not materialise. Some said they were separately consulting their lawyers.
Who are Ambanis' backroom boys & girls?: The picture of the shifting equations in the Ambani family remains hazy. What is emerging more clearly, however, is a strong possibility of key Reliance Group functionaries aligned to one or the other brother eventually playing a decisive role in the ongoing ownership battle.
Please reconsider, Mukesh says to Bhakta: CMD Mukesh Ambani on Wednesday sought to woo back his late father Dhirubhai Ambani's confidant ML Bhakta, who had on Tuesday resigned from the board of RIL.
Mother pulls out: Dhirubhai's widow has refused to mediate between sons, Mukesh and Anil, saying she doesn't know much about the family business.
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Supreme Court to hear BSNL's plea against Reliance: The Supreme Court will hear on December 3 a special leave petition filed by the Bharat Sanchar Nigam Limited (BSNL) challenging a Delhi High Court interim order restraining it from disconnecting the Points of Interconnection.
Rolls Royce bullish on India, says CEO:
The seven-decade long partnership between Rolls Royce and the Indian market is to be further cemented in the coming years. The group focuses on providing power systems and associated services for use on land, sea and air.
Ispat to set up Rs 6,000 crore manufacturing plant:
The State government has suggested two locations — Raichur and Gulbarga — for the plant, which will employ about 5,000 people.
Gold shoots up:
Gold prices continued to rise on the bullion market here Friday and Standard gold (99.5 purity), after breaking all previous records, closed at a new historic high of Rs. 6,700 per 10 grams.
Railways to hike freight rates:
The Railways today announced its decision to increase freight rates for coal, iron ore and some other items effective from Saturday, to generate Rs. 400 crores for the current year.
Hyundai may hike prices in Jan:
Hyundai Motor India is planning to increase prices of all its models next year by 2-3 per cent.
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Business papers
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