Anand Jain quits IPCL board

Mumbai, June 18: As the curtains came down on the seven-month wrangle between the two Ambani brothers, there was an element of surprise as well.

Anand Jain, the trusted lieutenant of Mukesh Ambani, stepped down from the board of Indian Petrochemicals Corporation (IPCL). This happened despite the elder brother getting full responsibility of the petrochemical company.

While officials of Reliance Industries Ltd (RIL) denied any knowledge of Jain stepping down from the board of IPCL, it is understood that it was part of the settlement reached between the two brothers.

However, in a strong signal later that all’s well between Mukesh Ambani and Jain, the Reliance boss proceeded to attend the wedding ceremony of the latter’s daughter in Goa.

When contacted, Mukesh Ambani’s office said the chairman would be back in office early next week.

Anil Ambani and mother Kokilaben, however, were not attending the wedding party of Jain’s daughter, sources close to the younger brother said.

Interestingly, Jain is the vice-chairman of Reliance Capital Ltd (RCL), which will now come under the fold of Anil Ambani. It is a foregone conclusion that Jain will resign from the board of RCL.

It may be recalled that Anil had taken a strong stand against Jain, accusing him of conspiring to divide the family. Earlier this year, Anil, in a communication to Mukesh, said it was below his dignity to be on the IPCL board with Jain.

The younger Ambani also described Jain as a modern day Shakuni and he alleged that Jain’s official dealings with Reliance were improper and contrary to ethical norms.