RIL – AGM – JUNE 03, 2011

RIL – AGM – JUNE 03, 2011
Hard Facts and Hypocrisy

RIL’s annual report 2010-2011 is a story of flow chart of direct progress accrued to RIL, Mukesh Ambani, his core confidantes, 68 original promoters and 09 different categories of share holders. There are 3381797 Share Holders possessing 01-500 shares aggregating to 227037517 shares & 6-94 % of total 3273374008 shares. There are 1900 holders having more than 20000 shares thus having 2853343176 shares and 87.17 % of shares .There was 68 promoter share holders having 1463923695 shares & 44.72 % of total 3273374008 shares. It is a flow chart of a company started in a modest way and gradually acquiring a potential of a monopolistic monolith with 66 brands selling 26 products, thus, capturing life of all strata of Indians. RIL has left contraceptives and pharmaceuticals. Nita Amana’s Cricket and her Mumbai Elevens always using famous Reliance brand do not occupy a single line in this report. Obviously alleged money laundering can not have a place in a report like this! Air craft and helicopter are shown as RIL’s assets but ‘bhut bungalow’ named “ Antilia” is nowhere in this report. It is possible that every floor of “Antilia” is owned by a private company held by Mukesh_Nita Ambani and their children. This report is indicative of a single mode of getting richer and richer. There are 120 subsidiaries* and 17 associates/joint ventures*. 05 individuals /key managerial personnel are prime beneficiaries of all financial exercises and juggleries! 05 foundations, trusts and societies are mentioned to present Mukesh Ambani’s philanthropy.

There are glaring omissions, too! SCI judgment in RNRL-RIL dispute is mentioned, but, present litigations regarding RIL’s land acquisitions under the P and M.P. Act1962 in various courts throughout India are deliberately kept away. Criminal cases against top RIL executives, Shankar Adawal and V. Balasubramanium are kept as closely held secrets! SEBI’S notice for RPL Shares’ sell has a cursory mention ,but, much discussed and debated off loading of RGTIL is not mentioned anywhere . Expenditure on sales promotion, brokerage commissions professional fees, 15.87 crores Rs.in charity and donations are shown, but, money spent on lobbying in the USA, other foreign countries and India is not placed honourably in this report. The perceived meaning of expenses on lobbying is nothing but money spent on giving bribe to ministers, govt. officers, journalists, jurists. Govt. pleaders, opposition leaders and Senators (members of US Congress included) in the USA and elsewhere!

(To be concluded)