Ambani brothers refuse to talk - The blame game continues

By Harsha Pramod @ Tuesday, July 08, 2008 10:14 AM

Section - Business/Legal

Reliance Industries (RIL) has turned down Reliance Communications’ (RCOM’s) offer for a meeting to settle their dispute over MTN. In turn, RIL stated that even though it had offered to talk with RCom on July 7, it did not attend the meeting, reported the Financial Express.

RCOM, controlled by Anil Ambani, had issued a statement about its communication with RIL, controlled by Mukesh Ambani. The latest developments come in the wake of RCOM’s efforts at a direct buyout or reverse merger with MTN.

RCOM said that there was no dispute and that the meeting was not part of any conciliation efforts. It said that RIL’s claims were legally and factually untenable, and misconceived. RCOM added that the company reserves the right to take all actions as legally advised.

However, RCOM issued another statement later, saying that RIL had turned down the offer for dialogue and has threatened it with legal action. RCOM blamed RIL for showing no interest in understanding the factual position or clarifying its doubts. X

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