Anil gets 24 pc share in Reliance

Mumbai: Amid continuing verbal volleys between the Ambani brothers, elder sibling Mukesh's side on Monday said they had transferred shares of four of their companies to Anil's group as per the terms of their June agreement, under which the Rs 1,00,000 crore Reliance empire was divided.

Anil Ambani through his spokesperson, Satish Sheth, had earlier alleged that his elder brother was delaying transfer of his companies.

Mukesh Ambani on his side dismissed all allegations saying that shares had been transferred.

Anil had alleged that nearly two months after the date of the High Court approval for the scheme, the management and control of four companies were still with Reliance Industries -- contrary to the clear language and intent of the scheme of arrangement.

The companies are: Reliance Communications, Reliance Energy Ventures, Reliance Natural Resources and Reliance Capital Ventures.

When contacted, Mukesh Ambani's group confirmed that all the shares as on Monday stand transferred to Anil, whose side had approached the authorities concerned with their request only on Friday last.

However, a spokesperson of Anil Dhirubhai Ambani Group (ADAG) said that of the requisite 37 per cent shares (of the Mukesh's Group companies), only about 23 per cent was transferred to them.

"We have not got control of the four companies (Reliance Energy Ventures, Relaince Capital Ventures, Reliance Natural Resources and Reliance Communication Ventures)," he said.

The Anil camp was also upset with the fact that major agreements between RIL and the Anil Dhirubhai Ambani Group companies have been made when these companies are still under RIL's control.

Asked about the legal notices sent to directors of transferor companies (Mukesh group companies holding shares in four new entities) and others against conversion of electronic shares into physical shares, ADAG officials said the issue was not being pursued any more as the other side had ceased their efforts from Saturday.

Yet the bone of the contention between the two sides remains the timing of listing of four new entities.

Chairman of these four companies and an aide of Mukesh, Sandeep Tandon, questioned ADAG for their move to stagger the listing.

"Listing was an obligation not only of the resulting companies but also of RIL and its Board," he said.

(With inputs from PTI)