RComm blames RIL in sabotaging MTN deal

{image-ambani brothers_14062008.jpg news.oneindia.in}Mumbai, Jun 14: On Friday, Anil Dhirubhai Ambani Group-owned Reliance Communications Ltd (RComm) today blamed Mukesh Ambani-led Reliance Industries Ltd (RIL) for allegedly sabotaging their deal with South African telecomm gaint MTN Group.

''In a malafide effort to disrupt the talks, Reliance Industries Ltd (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 the controlling stake in RComm,'' the company said in a release here today. The company said the RIL's claim was ''legally and factually untenable, baseless, and misconceived''. RIL has based its claim on an agreement of January 12, 2006, which was unilaterally signed only by RIL's officials, when RComm was under RIL's control, under a procedure which the Bombay High Court, vide its judgement dated October 15, 2006, has held to be ''unfair and unjust.''

RIL's claim is born out of mounting despair and frustration at Reliance ADA Group's continuing successes, and the support it enjoys from over 10 million investors, the world's largest shareholding family.

RIL is seeking to disrupt the creation of one of the world's most valuable telecom combinations, which will make over a billion Indians proud of their great country. RIL's actions are clearly anti-consumer, anti-investor and anti-globalisation, and against the vision, beliefs and principles of the founder of the Reliance Group, late Dhirubhai Ambani, RComm asserted in the release.

Reacting to the Rcomm claim, Mukesh Ambani-run company said, ''RIL has in good faith notified both Anil Dhirubhai Ambani Group and MTN Group of the stipulations contained in an agreement, the validity of which has never been questioned so far by ADAG.''

UNI