Reliance Energy board to meet today

MUMBAI, NOV. 29. The board of Reliance Energy Ltd. will meet tomorrow "to consider the resignation of its six directors and other related issues." A source close to the company told The Hindu that this is "the only agenda for tomorrow's board meeting."

The core group of six of the 12 directors of Reliance Energy, including its executive vice-chairman, Satish Seth, quit the board last Thursday without citing reasons. Anil Ambani, who is chairman and managing director of Reliance Energy, had on Sunday requested the six directors to continue on the board. Promoters of the Reliance group have a 50.15 per cent stake in Reliance Energy. These include Reliance Industrial Investments and Holding Ltd (7.34 per cent), Reliance Industries (0.84 per cent), Reliance Power Ventures Ltd. (35.51 per cent) and Reliance Capital (6.46 per cent).

Mr. Anil's elder brother, Mukesh Ambani, assumed sweeping powers during the July 27 board meeting of Reliance Industries Ltd. (RIL), flagship company of the group. This has resulted in a tussle between the two brothers over "ownership issues" in RIL, and its outcome remains uncertain even as mediators are said to be working behind the scenes to bring about a rapprochement between the two contending parties.

Recommended for you