Jain still on IPCL board

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By OUR SPECIAL CORRESPONDENT in Mumbai
  • Published 13.07.05
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Mumbai, July 13: Mukesh D Ambani’s trusted lieutenant, Anand Jain, is very much with him and he has not quit the board of Indian Petrochemicals Corporation Ltd (IPCL).

Allaying reports that Jain had put in his papers on June 18, the day when the Ambani brothers concluded their ownership disagreements, Reliance Industries’ officials today said: “He (Jain) has not quit the company.”

It was then said Jain’s resignation was part of the settlement process reached between the two brothers. However, Mukesh Ambani was then in Goa to attend the wedding ceremony of Jain’s daughter.

As part of the settlement process, Mukesh Ambani retained Reliance Industries Ltd (RIL) and IPCL, while his younger brother Anil Ambani got control over Reliance Infocomm, Reliance Energy and Reliance Capital (RCL).

Before the division, Jain was vice-chairman of Reliance Capital.

On June 19, the board of RCL was reconstituted which saw entry of Anil Ambani as the chairman of the company and exit of five directors, including Jain, from the company board.