Only 24% equity transferred to ADAG
By agencies   |   Tuesday, 07 February 2006, 20:30 IST
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MUMBAI: On equity transfer issue, the Anil Ambani group said that only 24 percent of the promoters’ equity in Reliance Industries Ltd (RIL) was transferred to the Anil Dhirubhai Ambani Group (ADAG) on Monday, against 37 percent that it is supposed to get as per the de-merger scheme. Giving clarification on this, Sandeep Tandon, Chairman of Reliance Natural Resources Ltd, one of the de-merged companies, said that since the power of attorney for transfer of shares has been given to ADAG, the transfer was to be effected by ADAG along with the depository participants. Reliance is no longer in the picture, he added. Meanwhile, as allegations and counter-allegations continued to fly thick and fast between the duo, it appears that for the first time since the spat began over a year ago open references are being made to criminal offences being perpetrated. The elder brother’s (Mukesh Ambani) camp said that it would not pass on management control of the de-merged companies to ADAG till such time that they got listed. Tandon said, “We have completed the process of listing and we will hand over management control to ADAG as soon as the stock exchanges give confirmation that they are going to list the four companies.” Referring to Reliance Communication Ventures, he said that it was unfair to blame Reliance for disclosure delays as control of over 200 companies having stake in the company were handed over to ADAG in June 2005. According to an ADAG spokesperson, Reliance Communication Ventures Ltd will be listed by March 31, 2006. Reliance ADAG has informed the securities and exchange board of India (SEBI) that listing of Reliance Capital Ventures Ltd and Reliance Energy Ventures Ltd can be completed by February 15, 2006 approximately.

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