RIL ready to go to court over RCom-MTN issue

June 23, 2008 · Filed Under Reliance Industries 
Visited 25 times, 2 so far today

The current round of feud among the Ambani brothers is taking a new turn with sources in Reliance Industries Limited (RIL) saying that RIL is ready to go to court over Reliance Communications-MTN merger issue.

Sources suggest that RIL is willing to take matter even further by suing MTN if it is required.

It feels like 2005 is all over again when the Ambani brothers’ feud was the top news all over the country.

Even after intervention and a settlement in January 2006 there is no clarity with both brothers taking different stands on whether the settlement is valid.

While Mukesh Ambani is putting obstacles in front the MTN merger with Reliance Communications, the Anil Ambani camp is ready to undertake criminal proceedings against RIL officials involved in the signing of the Jan 2006 agreement.

Anil Ambani and South African telecom giant MTN are now engaged in talks of a planned reverse takeover of MTN, under which Ambani will swap most of his majority interest Reliance Communications for a near controlling stake in the South African group.

Last week, RIL had sent letters to MTN and Reliance Communications, claiming he had a right of first refusal over any transfer of shares by his brother.

Source: ndtvprofit.com

Related News

  • India’s billionaire Ambani brothers slug it out in telecom row
  • Ambanis come together on New Year’s Eve
  • RIL’s KG oil for Chennai Petroleum by February
  • RIL is planning for shared service center to cut cost
  • Reliance and MTN decide to end talks of merger


    • Tags: , , ,

    Comments

    Leave a Reply