Anil Ambani: After the death of Reliance Industries founder Dhirubhai Ambani, there was a crisis for some time as to whether the name of Reliance would remain with Mukesh Ambani or would go to his younger brother Anil Ambani. However, the Ambani family found a brilliant solution to this. Finally, it was decided that both the brothers would be able to use the Reliance brand.
Now, a new controversy has arisen regarding this name. Anil Ambani has sought refuge in the National Company Law Tribunal (NCLT), accusing the Hinduja Group of using the name Reliance. IIHL should not use the name of Reliance Capital
Anil Ambani-owned Anil Dhirubhai Ambani Ventures Private Limited has requested in a petition filed in NCLT that Indusind International Holdings, owned by Hinduja Group, be prevented from using Reliance. The company should be directed not to use the name Reliance after implementing the resolution plan of Reliance Capital, which is facing a financial crisis. NCLT will hear this matter on Tuesday.
IIHL Has Acquired Reliance Capital
NCLT, while approving the resolution plan of IIHL, had directed in February that it can use the name Reliance for 3 years. IIHL recently acquired Reliance Capital by paying Rs 9,641 crore to the creditors. Reliance Capital had failed to repay a loan of Rs 25 thousand crore. IIHL had bought Reliance Capital during the auction. The lenders approved IIHL’s tender for Reliance Capital in June 2023.
Only The Ambani Family Can Use The Reliance Brand
The petition states that only the Ambani family can use the Reliance brand. Mukesh Ambani-owned Jio Financial Services will soon start financial services in the country. In such a situation, no one other than the Ambani brothers should be allowed to use the Reliance name. The petition states their side was not heard while granting permission to use the name.
