RCOM - RIL

Reliance Industries has objected to the proposed deal of Reliance Communications (RCOM) with South Africa-based MTN.

RIL says it has the first right of refusal on any deal involving Reliance Communications.

Reliance Communications officials said the objection of Reliance will not delay talks with MTN. They added that Reliance's objections are legally and factually untenable.

ADAG group says that RIL move is anti-consumer, anti-investor & also its against the principle of Dhirubhai, Father of them.

Tax consultant Vinay Singh said family agreements are legally enforceable.

ADAG spokesperson said, "RIL's claim is legally and factually untenable, baseless and misconceived."

Asserting that RCOM's negotiations with MTN group for amalgamation were going well and that Mukesh group's "mala fide" attempt would not derail the process, the spokesperson said that ADAG has received this evening from MTN the communication made by RIL, which he dubbed as "an attempt borne out of mounting despair and frustration.