News makers:
22 Nov 2004
24 November 2004
M L Bhakta steps down from Reliance Industries
Mumbai: M L Bhakta, director, Reliance Industries Ltd, resigned abruptly from the company's board of directors yesterday citing 'health' reasons, leading to conjecture about a recast of the board.
A partner with solicitors Kanga & Co, Bhakta, 75, it is being speculated, may have resigned on account of his age, or in view of the new corporate governance norms, though he and the company refused to comment.
Bhakta, considered a confidante of Reliance founder, the late Dhirubhai Ambani, had been a director of the company since June 1977. The resignation at this juncture is being cited as being due to divisions in the top echelons of the company on the controversy surrounding its ownership and control.
