/24-7PressRelease.com/ - New Delhi, India, May 18, 2005 - The Ambani blockbuster released in November last year is still running to full houses. The whole sage has provided plenty of inspiration to our soap operas and provided enough entertainment even on news channels. Unfortunately while everyone was feeding on the family dispute, not many were wanting to know about the problems involved or the facts of the entire issue.
Everyone placed the start of the issue at Mukesh Ambani's interview and his quote that, "there were some ownership issues in the company." The second part of this sentence was ignored or downplayed by most. But it was the more important point, that, "they were in the private domain." Anil Ambani went to town with this statement and started a media battle, which would have put the most seasoned warrior to shame. He used all sources at his disposal (business, political or otherwise) to start a public campaign against his elder brother.
The fact is that Mukesh Ambani had the position and the backing of the entire Reliance board to take any unpleasant action if he had so desired. The fact is also that he did no such thing. Despite Anil Ambani trying his best to raise issues, unsubstantiated or imagined, in relation to Reliance Infocomm, RIL, people close to Mukesh Ambani, the elder Ambani tried his best to settle the dust. He tried to resolve the issues by trying to speak to Anil, who refused to take calls or meet.
While Anil Ambani tried to raise imaginary issues of his powers being taken away, by going to the extent of changing the AoA of Reliance Energy, Mukesh Ambani maintained a dignified silence and responded only by the book and when necessary. While proclaiming to be acting in the interest of shareholders, Anil Ambani's actions did everything possible to bring down the sharevalue of Reliance. Mukesh with the board's backing, however, tried his best to protect shareholders from the entire issue by announcing the buyback.
Anil's now oft quoted line "Reliance XI vs. Anil Ambani". He again raised the bogey of "some people in the company" trying to oust him, knowing fully well that it was all but impossible to do so. Fact is that the share price of Reliance which was rising on the back of excellent results shown by the company, took a nosedive after his public posturing resulting in losses for the very shareholders whose rights he claims to be fighting for.
If one were to clear the fog of excellent sound bites being provided by Anil Ambani and look at the facts, it becomes quite clear as to which brother is trying to protect the legacy of Dhirubhai Ambani and protect the shareholders interests and which brother is working towards getting a larger slice of the Reliance fortune.
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