'It's Reliance XI vs Anil Ambani'

Reliance Industries annual general meeting

Reliance Industries vice-chairman and managing director Anil Ambani today said that he is fighting a lone battle in the boardroom to reward the company's shareholders, restore corporate governance and transparency.

"I have made suggestions in the past in terms of distributing the treasury stock, issuing bonus shares, increasing the dividend, since we are in a fundamental upside in both our oil and gas as well as chemical business. But the board has continued to ignore (these suggestions). Really, I am in the minority as far as rewarding shareholders, transparency and governance are concerned," he said at a impromptu press conference held outside the premises of RIL corporate headquarters Maker Chamber IV at Mumbai's business district Nariman Point 10 minutes before the RIL board meeting.

He got down from a self-driven white Landcruiser and brief the Press on a host of issues "" ranging from corporate governance to controversy over his resignation from IPCL.

He alleged that some people want him to be out of the company. "I continue to serve the company as vice-chairman and managing director, contrary to designs of some people," he added.

When asked on the reported conspiracy to remove him from the RIL board, he said, "I have put this on record to the board of directors but the board has chosen to ignore all my comments and suggestions."

When specifically asked about a letter written by him alleging that Mukesh Ambani's aide Anand Jain wanted him to be out of the RIL board, Anil Ambani said: "I have put it on record. The board (of the company) has chosen to ignore all my communications."

He pointed out that the corporate governance committee "" which gave a clean chit to the company on the allegations he had made "" never consulted him before coming out with its report. "This is a very different type of cricket. You got Reliance Eleven vs Anil ambani. What do you expect?"

When asked whether he would reconsider his decision to join the board of Indian Petrochemicals Corporation Ltd (IPCL), he said he was not informed about the board's decision to accept his resignation.

"As of now, I have no communication on my offer to resign from the IPCL board. I do not know what IPCL board is doing. I do not know whether they have communicated to stock exchanges."

He resigned from the IPCL board on January 3. He said he had not heard from the IPCL board so there was no question of "reconsidering" resignation.

He vouched by the legacy of his late father and founder of the Reliance group, Dhirubhai Ambani, and said :" I have maintained in the past that the company is professionally run. We have great talent in the company."

On December 27 last year, Anil Ambani met the press in a similar fashion minutes before the company's board meeting where he opposed the proposed buyback of shares.