Anil gets emotional at RNRL AGM

Anil Ambani

Anil Ambani would be expressing his emotions in the public for the second time. More than four years after the demerger of Reliance empire, the younger Ambani went to the brink of emotional burst with tears welling up in the eyes when talked about his late father Dhirubhai Ambani and estranged elder brother Mukesh in the annual general meeting (AGM) of Reliance Natural Resources (RNRL) today.

Twice his voice broke with emotions when he mentioned the ‘trust’ in business, which was taught by his father. “What Reliance Industries (which is fighting a case against RNRL over gas supply from Krishna-Godawari basin) has been communicating in the last few years is that it has no regard for its own solemn word, no time for values, no respect for the sanctity of contracts and, most of all, no morality in its headlong pursuit of corporate greed. The most important word for Shri Dhirubhai Ambani was “TRUST” and that word has, unfortunately, gone missing,” he said in his fully loaded 90-minute speech.

Earlier in 2005, at the Reliance demerger AGM, Anil first made an emotional exit from the company as he sat in the second row with rest of the shareholders. This time, when he became tearful before the RNRL shareholders, his wife Tina and son also were seen moved by the speech.

Kokilaben, mother of Ambani brothers, has attended the AGM of Reliance Power, which completed just before RNRL AGM. However, she preferred to be absent in the second AGM, when Anil has lashed out at the elder brother. Earlier, the Bombay high court twice advised Ambani brothers to settle the dispute over gas in consultation with the mother.

The corporate greed of Reliance Industries (RIL) is a stumbling block in the future of RNRL, he said and remembered the words of his father, “there is a thin line between the need and greed.”

RNRL was formed solely for the supply of gas from RIL to group companies for power and other projects. “Hence, the gas supply contracts are critical for the future of RNRL. Unfortunately, RNRL will become a shell company if the gas supply contract is not honoured. Accordingly, we are determined to take all legal steps for the implementation of this agreement,” said Anil amid slogans from shareholders saying, “Anilbhai, we are with you.”

“Over the past 5 years, I have made every possible effort to resolve the outstanding issues with RIL so that we can all focus on realizing our founder’s dream. But, unfortunately, without any success,” he quipped.

Anil also said he showed his willingness to meet the Mukesh anytime at anyplace in one hour notice. “I offered to personally meet at a time and place of the Bombay High Court’s direction, at an hour’s notice, and sit across the table with my respected elder brother to amicably resolve all issues. Unfortunately, RIL informed the court that it was not convenient for him to participate in any such discussions,” he said.

Anil said RIL, in which he worked for nearly 25 years, is still very close to his heart. He also congratulated the RIL team for its efforts to produce gas from Krishna–Godawari basin.