Reliance Energy board to meet Tuesday

Monday, 29 November 2004, 08:00 Hrs
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MUMBAI: Reliance Energy, a power utility arm of Reliance Industries, said the company's board would meet Tuesday to discuss the resignations of its six directors.

Reliance Energy, headed by Anil Ambani who is locked in a bitter feud with his elder brother Mukesh Ambani over the control of Reliance Industries, said the board would also discuss "other related issues".

Shares of Reliance Energy were badly rocked last weekend when the company announced the resignation of six of its directors amid the raging ownership controversy.

Reliance Energy, involved in generation, transmission and distribution of power, informed the Bombay Stock Exchange Thursday that six of its directors had submitted their resignations to the company. It didn't give any reason.

Satish Seth, executive vice chairman of Reliance Energy, and K.H. Mankad, director (finance), submitted their resignations.

The others who quit were S.C. Gupta, director (operations), J.P. Chalasani, director (business development), J. Ramachandran, independent director, and another director, Amitabh Jhunjhunwala.

Mukesh, 47, is the chairman and managing director of the flagship Reliance Industries while Anil, 45, holds the vice chairman's office. The younger sibling is also chairman and managing director of Reliance Energy.

The resignation of Reliance Energy directors came in the wake of a recent admission to a TV channel by Mukesh that there were "ownership issues" in the Reliance group that logs 800 billion in annual sales.

Source: IANS
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