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Monday, 1 December 2008 22:17 UK Bengaluru, India


 

Love fails to conquer all in Ambani brothers feud'

ADAG files a caveat in Bombay High court

By Subhankar Kundu @ Thursday, June 26, 2008 8:19 AM

 
 

The relationship between the Ambani brothers has reached a new low, as their feud over the MTN merger controversy rumbles on.

Reliance Industries (RIL), headed by Mukesh Ambani, had earlier claimed that as per a family pact, it had first refusal of a majority stake in RCOM. But Reliance Anil Dhirubai Ambani Group (RADAG), headed by younger brother Anil Ambani, has denied the claim, describing the agreement as “illegal”. Finally, Anil Dhirubai Ambani Group (ADAG) has filed caveats in Bombay High court to stop RIL from obstructing the MTN deal.

Meanwhile, MTN said it still plans to go ahead with the deal.

The Reliance empire broke apart and was split between the two brothers in 2005. After Reliance founder Dhirubhai Ambani’s death, the relationship between the two brothers started to get bitter. ICICI Bank Chairman K V Kamath then pitched in as a family friend and, after prolonged negotiations, managed to resolve the dispute, dividing the assets between them. Their mother, Kokila Ben, also tried her best to create an amicable settlement.The battle is considered to be the fiercest and most prolonged in the history of corporate India.

Mukesh and Anil last met way back on July 6, 2005 during the death anniversary of Dhirubhai Ambani. X

 
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