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Mumbai, June 18

Reliance Communications (RCom) may initiate criminal proceedings against Reliance Industries (RIL) officials involved in the signing of January 12, 2006 agreement, if RIL continues to assert its ‘right of first refusal’ (to buy a majority stake in RCom) based on the agreement.

“At this stage, all options including criminal proceedings against Mr L.V. Merchant, Mr Sandeep Tandon, Mr K. Sethuraman and other RIL officials involved in the signing of January 12, 2006 agreement, are open if RIL seeks to rely on the alleged agreement,” a spokesperson for the Anil Ambani-controlled RCom said.

A spokesperson for RIL said that the company does not comment on media reports.

The MTN group will have its annual general meeting on Thursday, where MTN`s standpoint in the RCom- RIL tiff is expected to be debated.

Ever since RIL has entered the fray, both RCom and MTN have been losing ground on their respective bourses.

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