Ambani fight putting stress on Dhirubhai`s legacy: Khurshid

Last Updated: Tuesday, September 8, 2009 - 17:46

New Delhi: The high-voltage battle between
the Ambani siblings -- Mukesh and Anil -- has put under stress
the legacy of their father Dhirubhai Ambani, Corporate Affairs
Minister Salman Khurshid said on Tuesday.

"(Late) Dhirubhai has contributed a major dimension to
modern India and India Inc and it is sad that the legacy is
being put under such stress because of circumstances and
developments that have taken place," he said.

Asked if MCA can play any role in resolving the Ambani
dispute, as the interest of shareholders was at stake, he said
whenever there is a situation like this, "our advice is `don`t
fight`."

"As far as Reliance is concerned, it is not a matter that
pertains to the MCA yet. There is nothing that has come to us
or for that matter to the Company Law Board (CLB)," he said.

The Ambani brothers are fighting within and outside the
courts over natural gas.

"I come across such cases almost every day...It`s sad
that families that have done very well fall out for one reason
or the other...

"Really it depends on their own perceptions and it
depends on their own compulsions. It is difficult to sit
outside and get a real feel of why people are pushed to take
these steps", Khurshid added.

Khurshid decried that often very successful and
outstanding families in the country, in the third or fourth
generation end up splitting and demonstrate in public,
disagreements on what to do with their fortunes. The CLB tries
its best to find amicable solutions to such problems as far as
possible, he said.

Besides Ambani brothers, India Inc has witnessed disputes
in several well known business families like the Bajajs,
Birlas, Modis, etc.

Even after the two parted ways in June 2005, splitting
the Reliance empire between themselves, the Ambani brothers
have continued to spar. In the latest court battle, Anil
Ambani group firm RNRL is seeking gas at a price of USD 2.34
per mmBtu, which Mukesh-led RIL is opposing on the grounds
that the price needs government approval.

Bureau Report



First Published: Tuesday, September 8, 2009 - 17:46

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