In what could be a prelude to Reliance Anil Dhirubhai Ambani Group claiming damages against Mukesh Ambani-controlled Reliance Industries for allegedly derailing the merger talks with South Africa's MTN group, AAACom (the investment arm of ADAG) has written a letter to RIL claiming that the alleged right of first refusal is not applicable to the company.
AAACom has stated that its shareholding (the company holds 67 per cent equity in RCom) is not covered by any alleged ROFR as has been claimed by RIL. It has also stated in the letter that AAACom is free to deal with RCom shares as it deems fit.
The Anil Ambani letter is in reply to RIL's decision on Thursday to go ahead with arbitration proceedings on the question of ROFR by appointing an arbitrator.
AAACom has also made it clear in the letter that it "reserves the right to claim direct and consequential damages" from RIL.
Mukesh has claimed that his brother Anil cannot sell his shares to MTN without giving the ROFR to RIL. "Reliance Industries' actions were uncalled for, offensive and clearly motivated," AAACom said.
The exclusivity deal between RCom and MTN however fell through.
