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Tuesday, September 30, 2008

Anil Ambani’s Tounge-in-Cheek Reply To a Query on Why his Elder Son Had More Shares Than His Younger Son

Reliance shareholders’ meetings have been legendary from the time of Dhirubhai Ambani, known as much for the chatpata snacks served as for the juicy tid-bits that emerge from these meetings. The recent annual general meeting of Reliance Natural Resources Limited (RNRL) was not much different.

At the meeting one of the shareholders got up and stumped chairman Anil Ambani asking him to explain the discrepancy between share allotment to both his sons, reports Press Trust of India. While the elder Jai Anmol, 17, holds equity worth crores, his younger 13-year-old son Jai Anshul is left with a paltry 100 shares.

What was the reason for this, demanded the share-holder and pat came, Anil’s cheeky reply: “Now you know what happens to the younger one in a family.”

While the meet erupted into laughter Anil’s spontaneous reply made it obvious that the business tycoon hasn’t forgotten his very public battle with elder brother Mukesh Ambani over the ownership of the Reliance empire.

Anmol’s shares at today's closing price are worth Rs. 13.21 crore while Anshul's holding in the company is less than Rs 8,000. At the close of the trading today, RNRL was quoted at Rs 79.15 a share that puts the company's worth at Rs 12,926.23 crore even after the over 2.5 per cent slide in the value of the scrip.

Source: Mumbai mirror

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