Mukesh persuades RIL director to come back on board

In a dramatic move, Mansingh L Bhakta, one of the senior-most directors of Reliance Industries, is now ‘‘reconsidering’’...

In a dramatic move, Mansingh L Bhakta, one of the senior-most directors of Reliance Industries, is now ‘‘reconsidering’’ his decision to resign from the company’s board after chairman and managing director Mukesh Ambani called on him and requested the 73-year-old confidant of Dhirubhai Ambani to stay back.

Meanwhile, there was still no word from Reliance vice chairman and MD Anil Ambani on the “ownership issue”. Worried investors continued to hammer down Reliance stocks. Reliance Industries fell another 2.52 per cent to Rs 515 on the BSE on Wednesday. The stock has lost six per cent since November 18.

In toto, five listed Reliance group companies have now lost market capitalisation of Rs 5,260 crore since the ownership issue came out in the open.

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On Tuesday afternoon, Bhakta added a new twist to the sibling warfare when he suddenly announced his resignation citing his “advancing years”. Before he resigned, Bhakta is understood to have met one of the Ambani brothers and before that Anand Jain, a senior Reliance official. This led to the immediate conclusion that he was unhappy with the turn of events at Reliance.

However, this afternoon, Mukesh Ambani and Anand Jain again met Bhakta and he assured them that he would “re-consider” the resignation.

I played my role: Bhakta

		• M L Bhakta spoke to The Indian Express on Wednesday morning. When asked why he quit Reliance Industries, with whom he had a very close personal relationship, Bhakta’s answer was: ‘‘The person with whom I had a very close personal relationship, I hope to meet soon.’’ Asked if he had tried to mediate between the brothers. Bhakta replied, ‘‘I played my role’’. He also said that ‘‘naturally, he was sorry’’ about the rift between the brothers, but declined to discuss it any further. Bhakta is on record to say that he ‘‘cherished’’ his association with Reliance Industries and admitted, ‘‘the timing of the resignation may have been bad’’. Bhakta said that he was ‘‘reducing his public commitments’’ and had resigned from several boards including that of a hospital and Bennett Coleman & Company recently. However, he continues to be on the board of Gujarat Ambuja Cements and Micro Inks Ltd. These are the only two listed companies where he continues to be a director. He also remains a director of the UK-based JCB Group. –SUCHETA DALAL

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