Buyback inappropriate: Anil Ambani

Following is the complete text of comments made by Anil Ambani, vive chairman and managing director of Reliance Industries, before the board meeting today.

"Let me make a few points.

"Yesterday was a traumatic day in the history of the world, specially Asia. With the event of yesterday in terms of a global tragedy, my heart goes out to all those people who are suffering. As an Indian and a member of the Parliament, I would like to announce my own personal token contribution of Rs 1 crore to the Prime Minister's Relief Fund.

"As far as today's board meeting is concered, I have been deeply saddened and anguished with the events of the last many weeks. I was not consulted nor informed before making the announcement to the stock exchanges on the proposed buyback.

"I believe that considering a buyback at this stage is completely inappropriate as there are several other issues that the group faces and those need to be addressed. Also, if we look at the recent run up in the stock prices post the announcement of buyback i believe that there is more than what meets the eyes in terms of what is happening in the market place.

"As I reflect on the events of last many weeks, I am reminded of a Chinese philosopher who said the objective of war is peace. I would like to add two more elements to it, which is dignity and self-respect.

"Reliance group is the dream of my father Dhirubhai Ambani, and is a true tribute to our country - India - and its people, and I will endeavour to protect and enhance his legacy."