Reliance denies setting share buy back limit

Thursday, 23 December 2004, 08:00 Hrs
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MUMBAI: Reliance Industries, India's largest private business conglomerate, Wednesday denied news reports that it had set a limit to buy back the company's shares.

In a notice issued to the Bombay Stock Exchange, Reliance Industries refuted reports that it was planning to approve buy back of up to 10 percent of equity in a board meet to be held Monday.

Reliance said the press release issued by the company informing about the board meeting did not refer to any limit up to which the company would buy back its equity shares.

Reliance Industries' board of directors will meet Dec 27 to discuss buy back of company's shares.

It will be the first board meeting of the group after differences over the control of the mammoth business empire between the Ambani brothers, who run Reliance Industries, became public.

Reliance Industries had earlier said the board would "consider, inter alia, proposal for purchase of company's own equity shares, that is buy back of shares".

The notification for the board meeting came a few days after Reliance Industries vice chairman Anil Ambani reportedly called a meeting of the company board to discuss "recent developments".

Anil, who is locked in a bitter ownership feud with elder brother and chairman Mukesh Ambani, said he had witnessed with "great sadness and anguish" the events of recent weeks after the family rift came out in the open.

The younger Ambani sibling said in a letter there was a need to convene a board meeting to discuss the resignation of Mansigh L. Bhakta, who stunned the market by quitting the board of directors a fortnight ago amidst the ownership feud.

Meanwhile, media reports Wednesday suggested Bhakta had withdrawn his resignation.

Both Bhakta and Reliance Industries officials refused to conform or deny the development.

Bhakta, a senior partner in city-based law firm Kanga and Company, has been on the board of Reliance Industries since 1977.

He had said his sudden departure from the Reliance board had nothing to do with the much talked about feud in the Ambani family over the ownership of the conglomerate.

Source: IANS
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