The second round of battle between the Ambani brothers, Mukesh and Anil, intensified today with the Anil Ambani group accusing Reliance Industries of trying to prevent the transfer of ownership of four companies.
This comes after the two brothers reached an agreement on June 18, 2005, to carve up the Rs 100,000-crore Reliance business empire.
Anil Dhirubhai Ambani Group (ADAG) also charged Reliance Industries with providing “incorrect, incomplete and misleading” communication to the Bombay Stock Exchange and the National Stock Exchange in draft information memoranda of these companies.
ADAG claimed that Reliance Industries’ “deliberate and criminal attempt” to prevent the transfer of four group companies was a “mockery of all fundamental principles of propriety, transparency, fairness and corporate governance” and was detrimental to the interest of its 2.2 million shareholders.
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