‘IPCL’s communication not satisfactory’

IPCL had communicated to the exchange on January 20 that the board of directors at their meeting on that day had considered Anil’s resignation as Vice-Chairman and director and unanimously requested him to reconsider the same. In his January 3 letter, the younger Ambani had accused a co-director Anand Jain of conspiring to divide the family and said it was below his dignity to serve on the same board as Jain.

However, the company communicated to BSE on Saturday by way of clarification of January 20 letter that ‘‘Anil ceases to be a director’’.

The communication was sent to the exchange a day after the company said in a press statement that Anil’s subsequent communication of January 27, where the younger sibling had asked his brother to choose between Jain and him, was ‘‘noted’’ by the company’s board on March 30.

The BSE official said, ‘‘We are perusing the matter appropriately.’’

Sebi and NSE officials were not available for comments but the confusion over when exactly the resigntion was accepted by the IPCL board and whether the company has followed the rules in communicating it is likely to engage their attention.

Reliance spokesperson said on Saturday night that IPCL has always complied with all applicable laws and maintains the highest standards of corporate governance.

Both BSE and NSE had sought clarificattion from the Reliance group company on Friday after it was found that Anil’s name had been deleted from the list of directors from IPCL’s website.