Ambani war: Centre to wait & watch

New Delhi: The Centre has taken note of the ugly turn in the spat between the Ambani brothers over transfer of shares after the Reliance demerger.

Meanwhile, the boards of four new companies carved out of Reliance Industries will be reconstituted at a meeting late on Tuesday evening.

It is also expected that the dispute over the tranfer of shares to the Anil Dhirubhai Ambani Group will be settled. ADAG says the 12 per cent stake which belongs to mother Kokilaben is yet to be transfered.

Reliance Industries have responded, saying that the power of attorney for the remaining stake has been handed over.

The balance shares are apparently in the hands of a common lawyer and ADAG needs to just encash them.

The company, however, added that the completion of the balance transfer depends on ADAG meeting some conditions.

Reacting to the ongoing rift between the Ambani brothers, Union Company Affairs Minister Prem Chand Gupta said: "So far we have got no complaints from any of the investors. As and when we receive any complain, we will look into the matter."

Meanwhile, as the Ambani brothers spar openly over the control of the Reliance companies, the shareholders are also getting increasingly anxious. But Sebi Chairman M Damodaran won't comment on the issue yet.

Talking to reporters in New Delhi, he said: "I don't talk on individual case."

As per the settlement, the four new companies - RNRL, Reliance Communication Ventures, Reliance Energy Ventures and Reliance Capital Ventures - are to be transferred to Anil Ambani but Mukesh Ambani's aide Sandeep Tandon has maintained 'listing is an obligation not only of the resulting company but also of RIL and its Board'.

On Monday, the younger of the Ambani sibling, Anil Ambani, called on Finance Minister P Chidambaram. However, it could not be ascertained as to what transpired between the Anil Dhirubhai Ambani Group chief and the minister.

The meeting took place amid a fresh war of words between the Mukesh Ambani group and Anil's camp over the alleged delay in transferring shares of four companies carved out of Reliance

Industries to ADAG.

RIL had to transfer shares to ADAG group as part of an ownership settlement reached between the two brothers last year.

Interestingly, even as the Ambani brothers went in for the second round of mudslinging, the two major stock exchanges of the country remained tightlipped on the issue.

Both Bombay Stock Exchange and National Stock Exchange officials refused to comment on the issue.