M A I N   N E W S

Dhirubhai had settled all ownership issues: Mukesh Ambani
‘My remarks torn out of context’
Tribune News Service

New Delhi, November 22
Chairman of Reliance Industries Limited (RIL) Mukesh D. Ambani today clarified that his remarks on the “ownership issues” of the group had been “torn out of context.” He said, “Dhirubhai Ambani has settled all ownership issues” pertaining to the company “within his lifetime”.

“On my return last evening from the US, I was shocked to find that my response to a question pertaining to the way our businesses are going to go in the future has been torn out of context. Obviously, it was an attempt to build a sensational story around the phrase ‘ownership issues’ leading to a spate of speculations and misrepresentation,” Mr Mukesh Ambani said in a statement issued today.

He sought to reassure investors and said that he was “sensitive to the concerns that would have naturally arisen in the minds of our shareholders, various stakeholders and numerous well-wishers at the media blitz during the last few days.”

“It is necessary to remove confusion caused by deliberate misinterpretation or genuine misunderstanding. Therefore, I would like to set the record straight,” he said.

Detailing the sequence of events on that particular day when he reportedly made the remark, Mr Mukesh Ambani said: “As I was leaving a function, a TV journalist said there have been a lot of rumours about the Reliance Group and the way the businesses are going to go in the future. In response, I made two points, namely, that the question itself, does not recognise that ‘Reliance is one of the strongest, professionally managed company’, and that ‘there were other issues, which are ownership issues, those are in the private domain’.

This question-answer context makes it clear that I was responding to the query about future businesses”.

It is well known that in the process of its growth and expansion, Reliance is engaged in diversification, acquisition of running businesses and creation of new assets, he said.

“In such a rapid growth phase all big companies have to deal with several issues concerning corporate ownership of future initiatives.

Reliance is no exception. I will like to restate that all such ownership issues are in the private domain.

Placed in the context of the question put to me, it is obvious that my reply has nothing to do with the family ownership of Reliance,” Mr Mukesh Ambani said.

The RIL Chairman also said he strongly deplored “some totally unjustified and tendentious comments in a section of the media about our father Shri Dhirubhai Ambani”.

“Reliance is an eloquent testimony of Dhirubhai’s farshighted vision, unflinching dynamism, and unparalleled wisdom.

In keeping with the worldwide trend of transformation of family owned businesses, Dhirubhai took, within his lifetime, all necessary steps to separate ownership from management and made Reliance a world-class professionally managed company.

With his extraordinary foresight, he has also settled all ownership issues pertaining to Reliance within his lifetime,” he said.

Seeking to assure all stakeholders that he was “committed to uphold the steps taken by him and that the foundation of Reliance is and will remain very very strong,” Mr Mukesh Ambani hoped that “all speculation on this issue will come to rest with this clarification.”

Anil Ambani to respond in 48 hours

Mumbai, November 22
Anil Ambani, Vice-Chairman and Managing Director of the Reliance Group, is expected to respond to the statement issued by his elder brother Mukesh Ambani in the next 48 hours.

Sources said the younger of the Ambani brothers would come out with a statement after consulting his mother Kokila Ben and two sisters.

Anil Ambani has maintained a silence since Mukesh admitted of some ownership issues within the group.

After Mukesh’s comments on ownership issue on November 18 on a private TV channel, Anil went to Nathdwar temple along with his mother and has not been reachable since then. — PTI

Ambani family meets Shiv Kumar
Tribune News Service

Mumbai, November 22
Members of the Ambani family had a four-hour meeting at their Sea Wind apartment in South Mumbai’s Cuffe Parade this morning, days after Reliance Industries Chairman Mukesh Ambani indicated that there were ownership issues to be thrashed out by the clan.

Among those who attended the meeting included Mrs Kokila Ben, widow of Reliance Industries Ltd (RIL) founder Dhirubhai Ambani, her sons Mukesh and Anil and daughters Deepti Salgaocar and Neena Kothari, according to sources. Neeta and Tina, wives of Mukesh and Anil, respectively, were also reported to be present.

Till late, there was no word as to what transpired at the meeting or whether the ‘ownership issues’ of the Ambani family were discussed at all.

However sources say, the meeting went on till early afternoon when Mukesh and Anil left for their offices. They did not speak to television and journalists who had gathered outside Sea Wind.