The Ambani brothers are engaged in a war of letters, once again. Anil Ambani‘s Reliance Communications (RCOM) on Saturday sent a strongly-worded letter to Mukesh Ambani‘s flagship Reliance Industries (RIL) threatening to claim costs and damages from RIL if it takes any legal action to enforce its claimed first right of refusal.
According to the history, battle in the family or in between two persons will occur only due to the cause of the Woman or the Money.
Here the case is the forcible achievements for the top position in the area of Most Richest.
The battle between the two richest Indians had flared up after RIL wrote to MTN and ADAG, copies of which were sent to the bankers, cautioning that the amalgamation deal through reverse swap would tantamount to breach of RIL’s first right of refusal to acquire a controlling stake in R-COM.
Terming RIL’s threats as "false bogey of litigation and damages," the RCOM sources expressed surprise that without knowing of the nature of a possible transaction between RCOM and MTN, how RIL has jumped to the conclusion that it would be covered by the alleged agreement of January 12, 2006.
RCOM and MTN are engaged in reverse-merger talks which, if successful, would help Anil Ambani to emerge as the single largest shareholder of the Johannesburg-based company while RCOM will become the subsidiary of MTN.
However, the exact details of the proposed deal are yet to be finalised. It is expected that both the parties may announce a definitive plan in early July.
The Ambani brothers parted ways in June 2005 after one of the prolonged and bitterest battles in the history of Corporate India.
The January 2006 PACT was to implement the demerger of businesses between the brothers.
However, Anil Ambani challenged parts of the PACT on the plea that the companies, which had signed the pact, were under the control of Mukesh and therefore the agreement was untenable. The matter is still sub-judice.
(The news is gathered from the Web sites and News Papers)