Anil Ambani resigns as Vice Chairman & Director of IPCL

16-Feb-05
Anil Ambani has resigned as Vice Chairman and Director of Reliance group company Indian Petro Chemicals Ltd. (IPCL). "I consider against my dignity, self-respect and self-esteem to be on the same board as Anand Jain," Anil Ambani has said in his resignation letter to IPCL Chairman Mukesh Ambani. He has accused another director Anand Jain of heading a 'conspiracy to divide' the brothers and play a 'negative role' in their family affairs. RIL officials have confirmed the receipt of the resignation by Mukesh Ambani, IPCL Chairman. Anand Jain, Vice Chairman of Reliance Capital, refused to comment on the issues raised by Anil. Headed by founder Chairman Dhirubhai Ambani, Reliance had nominated 5 directors after the acquisition of IPCL -- Kamal Nanavati, Nikhil Meswani, Anand Jain, S K Anand and K G Ramanathan -- and Mukesh Ambani as Chairman. Anil was not nominated to the board of IPCL at the time of acquisition, and was taken in as a director in place of K G Ramanathan on Mukesh's proposal and was made Vice Chairman after Dhirubhai's death by by the IPCL Chairman.
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