New Delhi: An Anil Ambani group company on Saturday questioned the airport project of elder brother Mukesh's group, alleging that RIL had deviated from the family agreement.
The agreement was made to settle ownership issues between the Ambani brothers.
"As per the agreement executed on June 18, 2005, airports are reserved for ADA group," Reliance Energy sources said while questioning the 'non-compete agreement' signed between RIL and four companies carved out from it before transferring the new entities to Anil Ambani.
Targeting the proposed airport project by RIL group company in the upcoming Rs 25,000 crore Special Economic Zone in Haryana, Reliance Energy said their argument for building a cargo airport was 'untenable' as no such exception was provided in the family agreement.
"The demerger scheme approved by the Bombay High Court on December 19, 2005 provided that suitable non-compete agreements would be entered into to give effect to the family agreement, which stipulated that airports will be with the Anil Ambani group only," REL sources said.
RIL officials could not be contacted for comments on the latest development.
RIL had, however, said on Friday that "Reliance has fulfilled all its commitments and obligations. It will follow the same principles as well." This was in response to REL's letter to RIL questioning the airport and power projects in the SEZ.
After the four companies, including Reliance Energy Ventures Ltd, were transferred to ADA Group, Reliance Energy had written a couple of times to RIL pointing to the deviations saying the non-compete agreement signed by RIL on January 12 was 'one sided' and reflected a 'gross violation and breach of the fiduciary obligation of RIL."
Sources said that the ADAG company had not got any response from RIL on their protests and communications till now.
Reliance Energy also questioned the role of RIL nominees Sandeep Tandon and L V Merchant on the Board of REVL, before it was transferred to ADAG, in execution of the non-compete agreement, despite protests and objections by Anil Ambani's sole nominee, sources said.
"The forcible execution of one sided agreements was in gross violation and breach of the fiduciary obligations of RIL and of the duties and fiduciary responsibilities of Sandeep Tandon and L V merchant as interim directors of ADA group companies," they said.
Pointing out that the agreement had to be amended on the lines of the draft circulated by ADA group to bring it in line with the family agreement, REL sources said the non-compete agreement of January 12, 2005 was 'irrelevant' because it was wrongfully executed by RIL and Mukesh Ambani group when ADA group companies were still under their control.
The sources said RIL could not enter into Airport business and the argument that it be treated as 'captive' for the group's SEZ business was wrong as the facility would "obviously be used by all occupants of the SEZ".
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