Mukesh Ambani and Anil Ambani, reputedly the World’s richest brothers are once again on the warpath.
According to reports, Mukesh Ambani-led Reliance Industries Ltd (RIL), which had reluctantly parted with its telecom business when the brothers split, had written to the MTN board informing them about a clause in the family settlement which reserves first right of refusal for Mukesh Ambani or his companies.
RCOM retaliated almost immediately with a scathing statement, saying, ‘‘Last night, in a mala fide effort to disrupt talks, RIL, part of the Mukesh Ambani Group, has sent a communication to MTN Group, making a false claim of an alleged right of first refusal to buy controlling stake in RCOM. Not surprisingly, RIL has sent the letter to RCOM only today, that is after a gap of 24 hours.’’
RCOM goes on to say, ‘‘RIL’s claim is legally and factually untenable, baseless and misconceived…It is born out of mounting despair and frustration at Reliance ADA Group’s continuing successes…RIL is seeking to disrupt the creation of one of the world’s most valuable telecoms combinations, which will make over a billion Indians proud of our great country.’’
When contacted, an RIL official said the company had sent a letter and not a legal notice.