Mumbai: The Ambani brothers are at it again.
Eight months after the two brothers decided to go for an overall reorganisation, the Anil Ambani group has accused Mukesh Ambani of not fulfilling the deal.
Addressing a press conference in Mumbai, the Director of Anil Dhirubhai Ambani Enterprises, Satish Seth, said the two agreements including Brand and non-compete agreement have been shockingly executed when the companies are under still under RIL control.
"Nearly eight months have now passed after the announcement of the proposed overall reorganisation. Unfortunately, despite the lapse of this inordinately long period of time, Mukesh Ambani and Reliance Industries Ltd have not completed any of the major activities required to implement the overall settlement in letter and in spirit," Seth said.
As per the settlement, four companies - Reliance Communications Ventures, Reliance Energy, Reliance Natural Resources and Reliance Capital - were to come to the Anil Ambani Group.
That process of management transfer is still not being done and now the Anil Ambani Group says the Mukesh Ambani Group is reluctant to do it.
While there was no immediate reaction from the Mukesh Ambani camp, sources say they are going to react to these allegations shortly.
Earlier, the pro-Anil Ambani director of Reliance Natural Resources Ltd On Saturday announced that the company had decided to 'suitably amend' the gas agreement it had signed with the Mukesh Ambani-controlled Reliance Industries Ltd on January 12 and revealed that
RNRL has yet to come into the fold of Anil Dhirubhai Ambani Group as per the demerger arrangement between the Ambani brothers.
RNRL was to come under ome under the umbrella of ADA Group after January 25.
But an RNRL Director, in a statement, said 'the transfer of control and management (of RNRL) has not been implemented till date" by the RIL. The board of RNRL, he added, consists of three directors, two of whom are nominees of RIL, and one (read himself) of Reliance-ADA
group.
As per the January 12 agreement, RNRL was to receive upto 28 MMSCMD of gas at $3.18 per MMBTU from RIL.
The Mukesh Ambani-controlled Reliance Natural Resources Ltd (RNRL) later countered the
allegations of the Anil Ambani camp on the gas supply agreement, saying comments on the other side were misleading.
In a statement RNRL said the statement was a "deliberate attempt to mislead public in general and shareholders of RNRL and Reliance Industries Ltd in particular."
Comments
0 comment