It’shardly news that Anil Ambani has amajor D6 gas pricing dispute against his brother Mukesh awaiting judgement in India’sSupreme Court. But PETROWATCH learns the younger son of legendary Indianindustrialist the late Dhirubhai Ambani - and the world's third richest Indianafter brother Mukesh and steelmagnate Lakshmi Mittal - hasthousands of legal cases pending against him.
OnJanuary 14, Anil’s telecommunications company Reliance Infratel filed a DraftRed Herring Prospectus (DRHP) with the Indian stock market regulator,Securities and Exchange Board of India (SEBI), for its IPO. Seen by thisreport, the prospectus lists 1768 criminal, civil, taxation, consumer, anti-monopoly,labour and class action cases from across industry and the general public facedby Anil's 11 telecommunications businesses. Most interesting are 17 criminalcases: four were filed by investors before the 2005 split of RelianceIndustries, which Anil and Mukesh headed together before their acrimoniousfallout.
Eightcases allege forgery and cheating by Anil’s Reliance Communications, and oneex-employee has even brought a case claiming his salary was ‘misappropriated’!Equally interesting are four election related cases, brought against Anilduring his brief tenure as a Samajwadi (Socialist) Party MP in the Rajya Sabha(India’supper house) from June 2004 to March 2006. Anil’s term as MP should have lastedtill June 2010 but he quit early thanks to controversy over a perceivedconflict of interest with his job at the Uttar Pradesh State IndustrialDevelopment Corporation, deemed an ‘office of profit’. To be fair, getting suedis an occupational hazard for the chairman and promoter of any company in India, giventhe convoluted legal system and the local propensity to take the slightestgrievance to court. But Reliance’s stock market prospectus also reminds us thatthe group’s promoters and companies have themselves “from time to timeinitiated legal proceedings relating to their businesses and operations.”
It’shardly news that Anil Ambani has amajor D6 gas pricing dispute against his brother Mukesh awaiting judgement inIndia
OnJanuary 14, Anil’s telecommunications company Reliance Infratel filed a DraftRed Herring Prospectus (DRHP) with the Indian stock market regulator,Securities and Exchange Board of India (SEBI), for its IPO. Seen by thisreport, the prospectus lists 1768 criminal, civil, taxation, consumer, anti-monopoly,labour and class action cases from across industry and the general public facedby Anil's 11 telecommunications businesses. Most interesting are 17 criminalcases: four were filed by investors before the 2005 split of RelianceIndustries, which Anil and Mukesh headed together before their acrimoniousfallout.
Eightcases allege forgery and cheating by Anil’s Reliance Communications, and oneex-employee has even brought a case claiming his salary was ‘misappropriated’!Equally interesting are four election related cases, brought against Anilduring his brief tenure as a Samajwadi (Socialist) Party MP in the Rajya Sabha(India India
Source:Petrowatch