IPCL did not accept Anil's conditions

Indian Petrochemicals Corporation Ltd (IPCL) has informed the Bombay Stock Exchange that Anil Ambani had ceased to be a director of the company when the board "considered, noted and took on record" his resignation on January 20.

In a related development, the ministry of company affairs is examining whether any regulation has been violated in conveying to the Registrar of Companies the IPCL's decision to accept the resignation of Anil Ambani.

Urged by the IPCL board to reconsider the resignation, Anil Ambani had set pre-conditions that were not acceptable to the board, which is chaired by his elder brother Mukesh Ambani.

In a communication sent to the BSE late last month, IPCL said, "By its letter dated January 21, 2005, the company wrote to Anil Ambani that the board did not accept the conditions set by him but decided to request him to reconsider his resignation."

"Anil Ambani in his reply dated January 27 addressed to the board, appreciated the board's gesture but did not reconsider his decision. These letters were noted by the board at the next meeting held on March 30, 2005," the company said in its communication dated April 26, it was revealed today.

More than two months after the IPCL board met on January 20, the company informed the Registrar of Companies in Gujarat, that Anil Ambani had ceased to be the vice-chairman and director following his resignation, sources said.