Reliance Communications, the second largest telecommunication company in
This family feud caused big financial loss to MTN Group Ltd. Following the news of clash between two brothers, MTN observed its stock prices take a big slump at the Johannesberg Stock Exchange. International Herald Tribune reports:
"RIL's claim is legally and factually untenable, baseless, and misconceived," Anil Ambani's company said in a media release.
It was the first in a series of public releases."RIL has in good faith notified both Anil Dhirubhai Ambani Group and MTN Group of the stipulations contained in an agreement," said a statement issued Friday by Reliance Industries.
Reliance Communications fired back Sunday, saying that the January 2006 agreement was illegal since it was made when the telecom firm was still under the control of Reliance Industries.
According to a Reliance Communications spokesman, Reliance is still in discussion with MTN and the letter from Reliance Industries had no effect.
Reliance Industries is
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International Herald Tribune
Mukesh Ambani is simply making a big noise over nothing.Its just a jealous older brother trying to hamper a prosperous younger brothers growth. The claims made by Reliance Industries Limited are baseless and were based on an agreement in 2006, which was signed only by Reliance Industries officials and was later overturned by the Bombay High Court.
This deal would would create one of the world’s largest emerging-markets telecom operators with 115m subscribers spread across Africa, India and the Middle East.
I wish the ADAG group all the luck.
There was an interesting blog also on this which talks about Mukesh Ambani's selfishness http://mukesh-ambani-big-bully-brother.blogspot.com
Posted by: Asha Singhania | June 17, 2008 11:49 PM | Permalink to Comment