RIL says while its chairman Mukesh Ambani is profoundly saddened by his brother`s remarks, he requests the media to respect his decision not to respond

RIL says the public statements by Anil Ambani and his aides are attempts to convert legal issues into a public spat

Reliance Industries Ltd. (RIL) finally decided to respond to the non-stop media campaign mounted by Reliance Natural Resources Ltd. (RNRL) against it in the highly controversial dispute over the marketing of Krishna Godavari (KG) basin gas.

After being a silent spectator to the daily dose of media statements being made by RNRL over the past several days, RIL asked ADAG chief Anil Ambani to exercise restraint and let the Supreme Court take a call on the gas row.

“During the course of his media campaign, Anil Ambani has made several personal comments about his elder brother and RIL Chairman Mukesh Ambani. While Mukesh Ambani is profoundly saddened by his brother’s remarks, he requests the media to respect his decision not to respond,” RIL said in a statement.

Refuting the baseless, tendentious and motivated allegations and insinuations made by Anil Ambani and his associates, RIL said that the public statements by Anil Ambani and his aides were attempts to convert legal issues into a public spat.

The following is the complete statement released by RIL today:

Over the last few days, Anil Ambani and his associates have made several public statements commenting on issues arising out of the proceedings filed before the Supreme Court of India by his company, Reliance Natural Resources Ltd. (RNRL), the Government of India and Reliance Industries Ltd. (RIL).

Anil Ambani’s public statements, many of which have been made directly to the press, are a part of an orchestrated campaign designed to bring into public debate and prejudge the issues that are pending before the Supreme Court of India. He and his associates have attempted to convert what are essentially legal issues into public issues for a self-serving media campaign aimed at maligning RIL as also other venerable institutions of the country for private and personal gain.

We emphatically refute and outrightly reject the baseless, tendentious and motivated allegations and insinuations made by Anil Ambani and his associates against RIL and its Chairman, Mukesh Ambani.

We would like to assure the people of India, the Government of India, Members of Parliament and all our shareholders that our objective, is to act at all times in a manner that is fully in consonance with our respect for the law of the land and is protective of the nation’s interests.

We have consistently maintained that in the KG Basin RIL is only a contractor engaged by the Government of India to harness the Basin’s hydrocarbon assets in the best interest of the nation.

As contractor to the Government operating one of the largest and logistically one of the most difficult deep water gas discoveries anywhere in the world, we have at all times acted with a full sense of responsibility and in complete compliance with all obligations attached to our role as the contractor.

RIL is proud of having made an important contribution to India’s energy security. The asset that has been created by our investment of over Rs320bn will accelerate India’s economic growth and create large scale employment. Significantly, this investment in developing the KG Basin has been made after the demerger of RIL in 2005.

As a law abiding and responsible corporate citizen, RIL has chosen to refrain from reacting to the malicious propaganda unleashed by Anil Ambani in the national media. Our legal advisors have also counseled us to refrain from commenting on issues being adjudicated by the Supreme Court. As such, we shall continue to exercise restraint in the face of Anil Ambani’s provocative public statements. We hope that Anil Ambani and his associates will also exercise similar restraint and leave the matter to be decided by the Supreme Court.

Members of the media have rightfully sought our responses to Anil Ambani’s comments on numerous occasions. However, we believe and hope that the media will understand and appreciate that our respect for the judicial process determines that we present our views and contentions on all aspects of the dispute with RNRL only before the Supreme Court.

During the course of his media campaign, Anil Ambani has also made several personal comments about his elder brother and the Chairman of RIL, Mukesh Ambani. While Mukesh Ambani is profoundly saddened by his brother’s remarks, he requests the media to respect his decision not to respond.

source: Indiainfoline

Tags: buy sell hold reliance, buy sell or hold RNRL, KG basin, Mukesh Ambani RIL, ril buy or sell

Similar Posts:

• Review of Reliance Industries gas not over yet: Auditor
• No gas supply agreement with RNRL, RIL tells HC
• RIL completes arguments in gas dispute
• R-Cap exits RIL; sells Rs 130 cr worth shares
• GVK, GMR, Tata Power want govt to protect their share of KG gas