Industry

Anil Ambani apologises for the ‘anguish’ of 2G trial

Expresses regret to three senior Reliance Group executives

Anil Ambani, chairman of Reliance Group, has apologised to three senior executives and their families for the ‘indescribable anguish and distress they went through’ during the course of the trial in the 2G case.

In a missive to the conglomerate’s senior management on New Year’s Eve — days after the special CBI court delivered its verdict in the 2G spectrum case, Mr. Ambani expressed relief that justice had been delivered by the court in the case that was marred by distorted public perceptions.

Gautam Doshi, MD, Reliance Group, and senior vice-presidents Hari Nair and Surinder Pipara — accused in the 2G spectrum case — were acquitted after seven years by the Special CBI Court on December 21.

“On behalf of our entire group, I wish to sincerely empathise with and apologise to Gautambhai, Hari Nair and Surinder Pipara and their families for the indescribable anguish and distress they have undergone.

“And I am proud and humbled that throughout these testing times, we have demonstrated exemplary solidarity and stood together by our colleagues in their battle for truth and justice,” Mr. Ambani wrote in the letter. “I am delighted that justice has finally been done in the Special CBI Court in the widely publicised 2G spectrum case. Our three senior colleagues have been rightfully acquitted after close to seven agonising years of trial by media and distorted public perception,” he said.

The chief of the embattled group, which has been forced to sell its telecom business and ‘cash cow’ power generation business in Mumbai as it grapples with a high debt burden, also used the opportunity to spell out the firm’s future plans.

New focus areas

Stressing that there has never been a better time to do business in India, he sought to enthuse senior executives of the group that is betting on starting a fresh innings with a focus on defence, infrastructure, and financial services businesses.

“Our resurgence has coincided with a time in India’s history that has witnessed unprecedented financial and policy reforms, culminating in the midnight roll-out of GST under the leadership of our visionary Prime Minister Narendra Modi. Truth be told, there’s never been a better time to do business in India!”

“Over the past 12 months, we have repeatedly demonstrated our integrity and strength of purpose. We have demonstrated our firm intent to honour every financial commitment and protect the interest of every stakeholder, in the face of the most challenging external circumstances,” he said.

However, debt-laden Reliance Communications, once the flagship firm of the Reliance Group, has been dragged to the National Company Law Tribunal by lenders and creditors over non-payment of dues.

While most of the lenders have withdrawn insolvency petitions and are seeking to negotiate settlements, Swedish equipment maker Ericsson continues to pursue an insolvency suit at the tribunal to recover its dues.

“Our achievements have deepened my faith in our destiny as a pivotal business enterprise in co-creating a new India. With dramatic strategic success in implementing our asset monetisation plans this year, we are now ideally positioned to translate our dreams into reality,” Mr. Ambani wrote in his letter, listing out the achievements of various group companies.

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Printable version | May 29, 2020 5:48:02 PM | https://www.thehindu.com/business/Industry/ambani-apologises-for-the-anguish-of-2g-trial/article22398628.ece

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