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World Business News |
Chennai News
Monday,
January 3, 2005 (New Delhi):
Reliance Industries Vice Chairman and Managing Director,
Anil Ambani today resigned as Vice Chairman and Director of
the Reliance Group company IPCL.
In his resignation letter, Anil claimed Anand Jain, a close
associate and school friend of his elder brother Mukesh
Ambani is responsible for the trouble between him and Mukesh.
The Board of Reliance Industries Limited will now have to
decide whether to accept his resignation.
Below my dignity
Anil Ambani's direct attack on Anand Jain in his
resignation letter today is clearly an attempt to carry
forward his agenda of exposing what he has been describing
the 3 Cs of chamchas, chelas and cronies.
"I consider it below my dignity, self respect and self esteem
to serve on the same board as Anand Jain. I find Anand Jain
carrying out a personal character assassination against me.
His role is obstructive and negative in matters of the Ambani
family and the Reliance Group," Anil said in his letter.
Close relationship
The Anil camp has also released a list of companies and
properties allegedly owned by Jain and his family, which
directly gain from his relationship with the Reliance group.
Among them they allege are flats in Mumbai's Chaitanya
Towers, owned by Jain, which have been rented out to Reliance
Industries. He is believed to earn nearly Rs 50 lakh per
month from the rent alone.
Jai Corp & Prime Industries, another property owned by Jain's
family allegedly supplies all woven sacks to Reliance
Industries and IPCL.
Jain's brother-in-law allegedly owns two companies, one which
is the biggest distributor of polymers for Reliance Group in
Maharashtra and
the other controls waste product sales of all Reliance
products.
In all, Jain's family is alleged to earn a net profit of
nearly Rs 150 crores annually from business done with
Reliance industries.
But Jain maintains he has never reacted to any comment in the
past and neither will he react to Anil Ambani's allegations
today.
Misplaced allegations
Other Reliance Industries Board members refused to
comment on the issue till the issue is discussed before the
RIL Board.
But Reliance Industries sources clarify Anil Ambani's
allegations are misplaced.
According to them, Anand Jain was appointed to the IPCL board
by Dhirubhai Ambani in 2002, a decision even endorsed by Anil
Ambani at that time.
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