IPCL board asks Anil Ambani to reconsider resignation

Mumbai: The Indian Petrochemicals Corporation Ltd (IPCL) board yesterday decided to keep in abeyance the resignation of Anil Ambani as vice-chairman and managing director of the company. Ambani chose to stay away from the board meeting that was called to consider the company''s third quarter results.

The company informed the stock exchanges that the board discussed the resignation of Anil Ambani and decided to request him to reconsider his decision. This comes a day after the board of Reliance Energy decided to accept the resignation of two out of six of its directors.

Anil Ambani had resigned as director of IPCL on Junuary 3, 2005, saying that he considered it below his dignity, self-respect and self-esteem to be on the same board with Anand Jain. Jain is considered to be a close confidante of Mukesh Ambani.

"The IPCL board can keep the resignation in abeyance for as long as it wants. But the director, if he wishes to, could push forward with the resignation. He can file Form 32 with Registrar of Companies to effect his resignation," said a legal expert.