Reliance: Battle of brothers resolved

New Delhi: The Ambani brothers have ended their dispute over the four new companies formed as part of the separation deal.

The boards of the new companies were reconstituted on Tuesday and control has been handed over to Anil Ambani.

According to Sandeep Tandon, the former chairman of the four demerged companies, all issues over ownership and control are settled.

Now the onus of listing the companies lies with the new board. He also added that Reliance hopes to see an early listing of the companies.

Nevertheless, the Anil Ambani camp remains cautious over the announcement of Reliance Industries that all shares have been transferred and issues resolved.

Anil took charge as Chairman of Reliance Communication Ventures Ltd (RCoVL), one of the four new companies.

The remaining three companies are Reliance Energy Ventures, Reliance Capital Ventures, and Reliance Natural Resources Ltd.

After a thaw in the second round of renewed battle between the Ambani siblings, RIL handed over the four new companies to the Anil Dhirubhai Ambani (ADA) group.

Boards of all four companies were reconstituted immediately after the resignation of RIL nominees Sandeep Tandon and L V Merchant from the boards of all four companies, paving the way for the nominees of the ADAG.

Besides Anil, J Ramachandran, Gautam Doshi and S P Talwar find place as directors on the board of Reliance Communication Ventures, ADAG sources said.

Bakul Dholakia, S L Rao, J P Chalasani and J L Bajaj have been appointed directors in the reconstituted board of Reliance Natural Resources, while Satish Seth, S L Rao and V R Galkar have become directors on the board of Reliance Energy Ventures. A Jhunjhunwallah, S P Talwar and R P Chitale are directors in the reconstituited board of Reliance Capital Ventures.

(With Agency inputs)