ADAG gets control of four de-merged companies

Our Corporate Bureau
08 February 2006

Anil Ambani has been appointed as a director on the boards of all four companies. The two RIL nominees, Sandeep Tandon and LV  Merchant, on the boards of all four companies have resigned. Consequently, the boards of these companies have only nominees of ADAG.

ADAG has reconstituted the boards of all four companies by inducting senior officials of the group and professionals. Reliance Communication Ventures board now has Amitabh Jhunjhunwala, noted chartered accountant Rajendra Chitale and SP Talwari as directors apart from Anil Ambani.

Satish Seth, VR Galkar and former director general of NCAER SL Rao have joined the Reliance Energy Ventures board while Gautam Doshi, J Ramachandran of IIM Bangalore and SP Talwar are on the Reliance Capital Ventures board. IIM Ahmedabad director Bakul Dholakia has joined the Reliance Natural Resources board along with SL Rao, JP Chalasani and JL Bajaj.

The Mukesh group has indicated that most of the 37 per cent Ambani family holding in these four companies has been transferred to ADAG and the balance is in the process of being transferred.

RIL has indicated that it has completed most of the processes required for the listing of the de-merged companies and hence the responsibility of listing the companies would now rest with ADAG.

It is now expected that the companies would not be listed before March.