Ambanis seek to resolve ownership issue
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A family meeting of Ambanis on the ownership issue is likely to take place tomorrow within hours of Mukesh Ambani&#39;s return from the US.
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Business India &gt; New Delhi, Dec 20 : In the midst of the proxy war between the Ambani brothers over the control of Rs 900 bn Reliance empire, the board of the flagship company Reliance Industries, headed by Mukesh Ambani, would meet in Mumbai on December
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(InfoWorld) - An Indian NGO (non-government organization) called Telecom Watchdog has filed a petition with the High Court of Delhi, alleging that foreign shareholding in mobile services operator Hutchison Essar is in breach of the Indian government's regulations on foreign direct investment (FDI). Hutchison Telecommunications International Ltd. (HTIL) announced in February that it hadÂ entered into an agreementÂ with a subsidiary of Vodafone GroupÂ to sell its 67 percent direct and indirect equity and loan interests in Hutchison Essar for a total cash consideration of $11.1 billion. India's Essar Group, HTIL's joint venture partner in Hutchison Essar, holds 33 percent of the equity in the joint venture, with some 22 percent of this held by an Essar group company registered abroad. Indian government regulations allow a maximum of 74 percent foreign holding in an Indian telecom services company. If one were to add HTIL's 67 percent interest in Hutchison Essar with the 22 percent held by an Essar entity abroad, it would appear that the total foreign equity is in excess of the 74 percent limit, but there are other Indian shareholders besides Essar also involved, said an informed source. Telecom Watchdog was not immediately available for comment. HTIL spokeswoman Mickey Shiu said Thursday that Hutchison Essar was fully compliant with Indian rules on foreign direct investment. Shiu confirmed that there were other Indian shareholders besides Essar, but declined to give a breakdown of its 67 percent interest in Hutchison Essar. The petition by Telecom Watchdog alleges that as a result of HTIL's arrangements with Indian shareholders of Hutchison Essar, the foreign shareholding in Hutchison Essar is in breach of the foreign direct investment (FDI) regulations in India. It alleges that HTIL provided loans to its Indian partners to help them acquire equity in Hutchison Essar. HTIL shareholders vote Friday on the proposed sale of HTIL's interest in Hutchison Essar to Vodafone. The Indian government's Foreign Investment Promotion Board (FIPB) is meanwhile looking into all aspects of the transaction between HTIL and Vodafone. The scrutiny by the FIPB follows Vodafone's request for government approval for the proposed sale of HTIL's interest in Hutchison Essar to a Vodafone subsidiary, and is not an investigation into any irregularities in foreign holding in the company, Shiu said. The FIPB had approved HTIL's reorganization of its holding and the shareholding pattern in Hutchison Essar last year as way back as July last year, she added. Negotiations are still going onÂ between the Essar Group and Vodafone on a shareholder agreement. The Essar Group wants joint control of strategic decisions at Hutchison Essar.
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Mumbai: Mukesh Ambani, battling with Anil Ambani over control of the Rs 90,000 crore Reliance Group, today appeared to have won the first round with the entire RIL board backing him fully on the controversial proposal for buy-back of shares and other
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MUMBAI / NEW DELHI: On the face of it, the Ambani brothers, scions of the founding family of the countryâs largest private-sector conglomerate, Reliance, are as different as the various businesses that make up the group.
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Reliance Industries is torn by disputes between brothers Mukesh and Anil Ambani over the intricate ownership structure of the company left by their father.
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An Indian NGO (non-government organization) called Telecom Watchdog has filed a petition with the High Court of Delhi, alleging that foreign shareholding in mobile services operator Hutchison Essar Ltd. is in breach of the Indian government's regulations on foreign direct investment (FDI).
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The rift in India's Ambani family which controls India's biggest private enterprise group Reliance deepened as elder brother Mukesh rejected his younger brother's objections to a change in their management roles, a report said.
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MUMBAI/NEW DELHI: The stage is set for a family meeting of the Ambanis in Mumbai on Monday on the ownership issue in the Rs 80,000 crore Reliance group as Mukesh Ambani has returned from the US while Anil is understood to have authorised his mother to
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Â· Traditional owners protest at government crackdown Â· Police sent in after report of rampant child sex abuse
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Company in talks with Indian automaker over sale of its two subsidiary luxury brands.
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Reliance Energy on Tuesday decided to approach its principal shareholder Reliance Industries on &quot;matters concerning the future prospects of the company&quot; and reposed full faith in the present management led by chairman and managing director Anil Ambani.
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An Indian NGO (non-government organization) called Telecom Watchdog has filed a petition with the High Court of Delhi, alleging that foreign shareholding in mobile services operator Hutchison Essar is in breach of the Indian government's regulations on foreign direct investment (FDI).
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Reliance Industries vice-chairman Anil Ambani broke his silence on Thursday. But not to comment on the &quot;ownership issue&quot; raised by elder brother and chairman Mukesh Ambani.
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Letter to Mukesh says dilution of powers is not legal; Anil hints at ulterior motive. Anil Ambani has written to his brother Mukesh, saying his powers as vice-chairman and managing director of Reliance Industries
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[Business India]: Mumbai, Nov 25 : A rift between the Ambani brothers who run the country&#39;s business conglomerate - the Reliance Group - today spilled into the board room of power utility Reliance Energy Ltd.
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MUMBAI: Amid reports that announcement of Rs 11,000 crore investment in Uttar Pradesh by Reliance Energy was among the reasons for rift between the Ambani brothers, REL on Tuesday decided to approach parent company Reliance Industries Ltd on its future