IPCL board urges Anil to reconsider resignation

IPCL board urges Anil to reconsider resignation

Thursday, January 20, 2005 (Mumbai):

The IPCL board, headed by Mukesh Ambani, today urged Anil Ambani to reconsider his decision to resign from the post of vice-chairman and director of the company.

Anil Ambani had submitted his resignation papers earlier this month saying he could not continue working on the same board as Anand Jain, who is a long-time friend of his elder brother Mukesh Ambani.

In fact, Anil Ambani had written two letters raising his objections against the presence of Anand Jain on the IPCL board.

First, Anil wrote to Mukesh Ambani, the chairman and managing director of the group's flagship Reliance Industries. Anil's letter to Mukesh questioned Anand Jain's role in IPCL's dealings with companies owned by his relatives.

On Wednesday, it became public that Anil Ambani had also written to the two government nominees on the IPCL board asking them to examine Jain's role.

Robust Q3 Anil tells family

Even as Anil Ambani stayed away from the IPCL board meeting today, the company declared its third quarter results.

The company's Q3 net profit rose by 133 per cent to Rs 189 crore from Rs 81 crore in the October-December quarter in 2003-04.

But company's third quarter income has declined by 30 per cent to Rs 1,964 crore from Rs 2815 crore in the corresponding quarter a year ago.

On the BSE, shares of IPCL rose by Rs 2.45 or 1.46 per cent to close at Rs 170.65.

from ndtv.com