Not bound by any pact, ADAG arm tells RIL
A day after Reliance Communications?s talks with South African telecom operator MTN failed, with both sides mutually deciding to allow the exclusivity agreement to lapse, AAA Communications, ADAG?s investment arm, replied to Reliance Industries Ltd (RIL) saying it was not covered by any alleged right of first refusal to RIL and was free to deal with RComm shares as it deemed fit.
It also said it reserved the right to claim ?direct and consequential damages? from RIL.
AAAComm holds 63% in the total 66% stake of the group in RComm. Its reply to RIL, AAAComm says it is not party to any alleged non-compete agreement dated January 12, 2006 and has added that the alleged agreement is in no situation binding on it.
Calling RIL?s actions ?uncalled for, offensive and clearly motivated?, it said RIL?s ?malafide interference? caused significant harm to AAAComm as a substantial RComm shareholder. ?AAA Com reserves right to claim direct and consequential damages from RIL,? it said.
RIL officials were not available for comment. RComm?s talks with MTN were called off a day after RIL announced it was proceeding with arbitration on the issue. RComm and AAAComm had earlier filed caveats in the Bombay High Court in order to prevent an ex-parte decision being made should RIL move the courts.
As reported by FE on June 26, the non-compete agreement of January 12, 2006 is at the heart of the dispute between the warring Ambani brothers.
While RIL has claimed RoFR under this agreement, ADAG claims it does not recognise the pact since RComm was at the time controlled by Mukesh Ambani?s representatives.
