ADAG thrashes RIL's claim as unenforceable
Amid the ongoing war between the Ambani siblings, younger brother Anil's camp on Sunday thrashed Mukesh Ambani led Reliance Industries claim of rights of first refusal in former's Reliance Communication by quoting a decision of the Union Cabinet.
By PTI |
NEW DELHI: Amid the ongoing war between the Ambani siblings, younger brother Anil's camp on Sunday thrashed Mukesh Ambani led Reliance Industries claim of rights of first refusal in former's Reliance Communication by quoting a decision of the Union Cabinet.
Asserting that Reliance Industries claim was not even incorporated in the Articles of the Association of Reliance Communications, the Anil Ambani group official said based on the legal opinion the Union Cabinet had taken the view that there could be no restriction on transfer of shares of a listed company.
A communication by RIL claiming its first right of refusal to buy a majority equity in RCom had triggered the latest round of fight in middle of Anil Ambani Group company's negotiation with South African telecom major MTN group for an estimated 70 billion dollar amalgamation deal.
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