Date:07/01/2005 URL: http://www.thehindu.com/2005/01/07/stories/2005010714641500.htm

National

Ambani brothers deny reports of legal split

NEW DELHI, JAN. 6. A media report suggesting that the Rs. 90,000-crore Reliance Group was headed for a split was tonight denied by the camps of both the Ambani brothers.

The news channel Aaj Tak said that the Chairman and Managing Director, Reliance Group, Mukesh Ambani, and his younger brother, Anil Ambani, who is the Group's vice-chairman and Managing Director, had decided to go in for "legal separation." It said the decision had been taken at a family meeting on December 28, the birth anniversary of their father, Dhirubhai Ambani, by their mother, Kokilaben.

It was also decided, according to the channel, that the division of assets will be settled through a proper legal process and the ICICI Bank CEO, K.V. Kamath — considered very close to the Ambani family — will act as arbitrator.

When contacted by UNI, a spokesperson for the Mukesh Ambani camp said: "This is news to us and we refuse to comment." A spokesperson for the Anil Ambani camp also denied the TV report. — UNI