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RIL Jan '06 pact dispute: R-Comm to file charges today
Reliance Communications is all set to file criminal charges against three Reliance Industries, or RIL, officials involved in signing the January 12, 2006 agreement. The petition is likely to be filed in the Bombay High Court tomorrow. Sources said that the company would challenge R-Comm over the complaints.
Complaints were filed against LV Merchant, Sandeep Tandon, and K Sethuraman, they added.
The basis of the criminal action is going to be the fact that the three individuals displayed poor faith and acted against the interest of ADAG, despite the fact that the agreement was to be signed between the Mukesh and Anil Ambani group. The two individuals ? LV Merchant and Sandeep Tandon ? who signed the agreement, acted against the interests of the Anil Ambani group, which subsequently got control over Reliance Communications. So, there will be a case of criminal charges against these individuals. We are not sure at what time the petition will be filed, but it is now almost certain.
The most interesting part is that R-Comm is initiating action against the three individuals and not RIL. It is unlikely that RIL will not be made a party to the case. That will then make it a really long-drawn legal battle between Reliance Industries on one hand and ADAG on the other. Will it derail Reliance Communications talks with MTN? That is what one needs to wait and watch out for.
Reliance Communications is all set to file criminal charges against three Reliance Industries, or RIL, officials involved in signing the January 12, 2006 agreement. The petition is likely to be filed in the Bombay High Court tomorrow. Sources said that the company would challenge R-Comm over the complaints.
Complaints were filed against LV Merchant, Sandeep Tandon, and K Sethuraman, they added.
The basis of the criminal action is going to be the fact that the three individuals displayed poor faith and acted against the interest of ADAG, despite the fact that the agreement was to be signed between the Mukesh and Anil Ambani group. The two individuals ? LV Merchant and Sandeep Tandon ? who signed the agreement, acted against the interests of the Anil Ambani group, which subsequently got control over Reliance Communications. So, there will be a case of criminal charges against these individuals. We are not sure at what time the petition will be filed, but it is now almost certain.
The most interesting part is that R-Comm is initiating action against the three individuals and not RIL. It is unlikely that RIL will not be made a party to the case. That will then make it a really long-drawn legal battle between Reliance Industries on one hand and ADAG on the other. Will it derail Reliance Communications talks with MTN? That is what one needs to wait and watch out for.
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