The Hindu Business Line : Sort out differences: Chidambaram

THE Union Finance Minister, Mr P. Chidambaram, today said that he is advising the Ambani brothers, who are fighting over the ownership of Reliance group, to sort out their differences privately.

Responding to queries from newspersons at a function at the BSE, the Finance Minister said: "Both Mr Anil Ambani and Mr Mukesh Ambani meet me from time to time. We all know that there is a problem between the two. I have advised both of them to try and settle these differences within the four walls of their house. I would be very happy if they heed that advice and settle these differences."

On issues of corporate governance arising out of the battle between the brothers, Mr Chidambaram said that it is up to the authorities concerned to take a view on corporate governance violations, if there are any. Late last evening, a television channel reported that Mr Mukesh Ambani, Chairman of Reliance Industries Ltd, and Mr Anil Ambani, Vice-Chairman, have agreed to split the family's stake in the group to end an ownership dispute. The company has officially refuted the reports.

Board meeting

Meanwhile, Reliance Industries has informed the stock exchanges that its board of directors will meet on January 21 to discuss third-quarter financial results.

The board of directors of RIL's petrochemicals subsidiary, IPCL, and Reliance Capital will meet on January 20 also for discussing third-quarter results.

Although the meeting is primarily for considering and approving the unaudited quarterly performance, recent developments like Mr Anil Ambani's resignation from the board may come up for discussion.

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