| RIL failed on cash promise, says Anil |
| Our Corporate Bureau / Mumbai March 03, 2006 |
| RCoVL got Rs 372 crore against promised Rs 3,100 crore. Days before its listing on March 6, the Anil Ambani-owned Reliance Communication Ventures Ltd (RCoVL) has accused Reliance Industries of reneging on its commitment to provide Rs 3,100 crore in cash. An information memorandum filed by Reliance Communication Ventures to the stock exchanges said Reliance Industries transferred only Rs 372.08 crore in cash and the balance Rs 2,727.92 crore in the form of deep discount bonds of Reliance Communication Infrastructure held by the Mukesh Ambani-owned company. Reliance Industries transferred the amount to Reliance Communication Ventures, when it was under its control, without informing the representative of the Anil Ambani group on the board, the company mentioned in the information memorandum. |
