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Moneycontrol.com >> Message Board >> View Messages >> Business Talk
   You are here :     Moneycontrol     MMB      General      Business Talk
Mugesh X Anil (1)   18-Jul-08 03:38Tracked by (0)  
Posted by:   rvk41 on ( 18-Jul-08 03:38 )
Reliance Industries Ltd said on Thursday it had started arbitration proceedings against Reliance Communications Ltd after the mobile carrier failed to participate in meetings to resolve a dispute concerning ownership of shares.

"RComm has refused to participate in the conciliation meetings under the alternate dispute resolution provisions contained in the non-competition agreement," Reliance Industries said in a statement.

"Reliance Industries has commenced arbitration proceedings."

Reliance Communications is in exclusive talks with South Africa's MTN Group to possibly create a top-10 global telecom firm.
But the possibility of legal action by Mukesh Ambani, estranged brother of Reliance Communications chairman Anil Ambani, over the deal, has emerged as an obstacle, analysts have said

For information,with regards
rvk41

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