Reliance Industries statement on the ongoing tussle

Saturday, 17 Oct 2009

Reliance Industries Ltd has noted the comments made by Mr Anil D Ambani with the care and concern they deserve. RIL welcomes this statement and hopes that it is a positive change in the negative, calumnious and malafide campaign launched by R-ADAG against RIL.

RIL believes that there is no contentious issue in the world that cannot be resolved satisfactorily through mutual dialogue, provided the proposal for reconciliation is anchored in good and honest intentions RIL has always maintained that the dispute under litigation is not merely a family matter as Mr Anil Ambani’s statement once again tries to make out to be. Vital national interests in terms of securing government’s revenue from the natural gas, the government owns and GoI’s sound policy framework for promoting India’s energy security, are at stake. The interests of RIL’s shareholders are also at stake. RIL does not belong to a family. It belongs to shareholders, to those associates who have made this journey possible and most importantly to the nation.

Issues which arise out of a decision of the Bombay High Court transcend any private differences between two brothers or two corporate entities can now only be decisively resolved by a decision of the Highest Court. RIL sincerely hopes that any overture for rapprochement to end acrimony are sincere and in no way related to the ongoing hearing of the case in the Honorable Supreme Court.

Sadly the conduct of R-ADAG so far makes it difficult for RIL to believe that Mr Anil Ambani has had a real change of heart. For last many years, Mr Anil Ambani has indulged in a malicious campaign against RIL and its chairman. The campaign reached its nadir in recent months through a vicious series of advertisements, unprecedented in India’s corporate history.

RIL while denying all the false accusations has responded to this campaign with dignified silence. What is both saddening and perplexing is that Mr Anil Ambani has yet again sought to communicate to RIL and its Chairman through the public domain, whereas he could have easily contacted his elder brother directly. In order to demonstrate that his intentions behind the latest overture are bonafide we urge Mr Anil Ambani to put his sentiments into actions.

We can now only hope, that the deeds of Mr Anil D Ambani and his associates are reflective of the emotions expressed in the statement. In the last 48 hours itself, Mr Anil Ambani & RADAG have made allegations against the Group and its directors which are not only untrue but increasingly hurtful. Hopefully this way of engagement shall also change.

On its part, both the RIL Chairman as also RIL have always wished him well and will continue to do so. Finally RIL welcomes this positive indicator and will not be found wanting in responding to them constructively.