Mumbai, Nov. 25: The documents said to be related to the Reliance battle suggest that Anil Ambani had sought legal opinion on the July 27 move to redefine the powers of the managing directors and was advised that the proposal was not in accordance with law.
It also was in conflict with the provisions of the Companies? Act, the memorandum and article of association of RIL and the agreement approved by shareholders? for appointment of MDs, the papers purportedly attributed to Anil claims.
Questioning the ?unseemly and unprecedented haste? shown in the preparation of the draft minutes of the board meeting, Anil is believed to have said ?the draft minutes were kept prepared in advance of the board meeting?.
This was borne out by the fact that the secretarial department did not have adequate time to prepare the draft after the conclusion of the meeting and then obtain signatures of several directors on the same day, the documents say.
They add that in the last four board meetings since July 2003, it had taken a minimum of 20 to a maximum of 72 days to send the draft minutes to the participants.
Regretting that he had neither received an acknowledgement nor a response from the chairman?s office to his communication, Anil is believed to have told his brother that he was informed on the CMD?s behalf that the matter was ?final and cannot be altered?.
Anil reminded his brother that in the eight board meetings and two AGMs held since the death of their father Dhirubhai Ambani, all matters had been ?pre-agreed? between the two managing directors.
Anil is understood to have said the proposal should be kept in abeyance till a full discussion on the matter and a decision on a mutually agreed basis. In case the chairman did not agree to this, Anil suggested that his views on the subject be placed on record and be taken up for consideration by the board.
Anil is also believed to have mentioned that some other RIL directors had expressed surprise when they learnt that he was not aware of supplementary agenda item and had not even been consulted.
The supplementary agenda in the item had a ?misleading? title which obscured the ?real purpose? as it suggested that it was essentially concerned with the formation of a health, safety and environment committee.
The relevant proposals on substantial redefinition of powers of the managing directors were available only in the fine print in the annexure, while the agenda note was silent on this aspect, according to Anil?s purported communications.
The documents released today also try to show that Anil had always held a position within the group that placed him on a par with his elder brother.
They claim that Anil, who joined the organisation in 1983 ? two years after Mukesh ? had been designated chairman of Reliance Polypropylene and Reliance Polyethylene in which Mukesh was a director. Both companies were later merged into Reliance Industries.