The Telegraph
Since 1st March, 1999
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Anil guns for Anand Jain again
IPCL board asked to probe dealings

Mumbai, Jan. 19: Stepping up the pressure on the eve of the Indian Petrochemicals Corporation (IPCL) board meeting, Anil Ambani fired another salvo at Anand Jain, a close associate of elder brother Mukesh.

The younger Ambani demanded an 'independent' report on Jain's business dealings with the petrochem firm, where he is also a director. He has pointed out again that there is a 'conflict of interest'.

In his third letter on the issue, Anil, who is fighting a bruising battle with Mukesh on ownership issues in the Reliance group, has this time written to two government directors on the board of IPCL ' which the Ambanis acquired from the government in 2002.

On January 3, Anil had resigned as vice-chairman of IPCL. Today, he suggested to the government nominees ' G. S. Sadhu and Ramesh Singh ' that they should ask an independent accounting firm to look into Jain's business links.

The IPCL board, chaired by Mukesh, meets here on Thursday to consider third-quarter numbers. Anil's resignation and Jain's dealings are also likely to figure in the talks.

Anil blamed Jain for his resignation on January 3. He described him a 'modern-day Shakuni' and accused him of leading the conspiracy to divide the brothers and playing a negative role in their family affairs.

'I consider it against my dignity, self-respect and self-esteem to be on the same board as Jain,' the younger Ambani scion said in a letter. Anil said Jain's official dealings with Reliance were 'improper and contrary to ethical norms and this is impacting the business image and reputation of our company.'

In late November, Anil had written a letter to Reliance Energy employees in which he had recalled his father Dhirubhai's advice to 'watch out for the 3Cs ' chamchas, chelas and cronies', which was seen as a dig at brother Mukesh.

RIL officials had confirmed that Mukesh received Anil's resignation letter. Jain refused to respond to the accusations. Sources at RIL said Jain was appointed as a director of IPCL during the lifetime of Dhirubhai, while Anil was taken in by Mukesh later and made vice-chairman.

Infocomm board

Y. P. Trivedi and M. P. Modi today joined the boards of Reliance Infocomm and Reliance Communications Infrastructure as independent directors.

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