Honest 836 Report post Posted August 2, 2008 Ambani divorce papers may soon be in public domain 2 Aug, 2008, 0552 hrs IST, ET Bureau MUMBAI: The famous, but so far unseen, family agreement, which formalised the split between Mukesh and Anil Ambani, may soon become public. "The MoU, if required, would be produced before the court by Smt Kokilaben, mother of the Ambani brothers," according to Ram Jethmalani, counsel for Reliance National resources (RNRL), an Anil Ambani group company, which is engaged in litigation with the Mukesh Ambani-controlled Reliance Industries over natural gas supply from the Krishna-Godavari (KG) basin. Mr Jethmalani spoke to ET on the sidelines of the legal proceedings in the Bombay High Court. The family agreement assumes significance in view of the arguments advanced by RIL's lawyer Harish Salve that the MoU was a 'ghost agreement' as nobody has seen it yet and questioned the enforceability of such an MoU. Thus, the 'family agreement' may take centre stage at the Bombay HC next week. "It's a private document between the Ambani brothers. Besides broad framework of the demerger, it also has the details of the division of the personal assets of Ambani family," said a person broadly familiar with the contents of the MoU. A single-judge bench of the HC, in an earlier order, had directed the Ambani brothers to renegotiate the gas sales agreement as per the family agreement or the MoU. The MoU has not been submitted in the court as evidence. Mr Salve has argued that the RIL board was not party. "It's a piece of trash, as far as this case in concerned," said Mr Salve. The case will come up before a two-judge bench of the Bombay HC on Tuesday, when RIL's counsel is likely to complete his submissions and Mr Jethmalani will begin his argument. The MoU was signed in June 2005. Later in January 2006, the RIL board passed a number of resolutions which led to the formation of the Anil Dhirubhai Ambani Group (ADAG). Ownership of Reliance Capital, Reliance Infocomm (now known as Reliance Communication), BSES (now called Reliance infrastructure) and RNRL, which were earlier majority owned by RIL, was handed over to ADAG. Certain contracts signed as part of this process including the gas supply agreement (which is being litigated over in the Bombay HC) and various non-compete agreements have been the subject of bitter disputes between the estranged brothers. Mr Salve's statements only reiterates the legal stand adopted by RIL. In various communications sent to ADAG, RIL has reiterated that it is not party to the family agreement and is not aware of any such agreement. These communications were in response to letters written by ADAG, alleging that RIL was violating the non-compete clause by entering sectors such as power and financial services. RIL's stand is that it is only bound by resolutions passed by the RIL board. Share this post Link to post Share on other sites
Anupe 14 Report post Posted August 2, 2008 Shucks I thought Tina was divorcing Anil.... Share this post Link to post Share on other sites
@ksh@T 20 Report post Posted August 2, 2008 me2 thinking that. . . Share this post Link to post Share on other sites
Honest 836 Report post Posted August 2, 2008 Shucks I thought Tina was divorcing Anil.... me2 thinking that. . . ^^^ Khoda Pahaadh Aur Nikli Chuhiya ! Share this post Link to post Share on other sites
@mitJ@in 256 Report post Posted August 2, 2008 Me too.. Share this post Link to post Share on other sites
situ1962 21 Report post Posted August 3, 2008 that was my first thought also. Share this post Link to post Share on other sites
@ksh@T 20 Report post Posted August 3, 2008 please make a slighter change in the title yaar if anil reads that he will have a shock "what tina is divorcing me?" Share this post Link to post Share on other sites
