look news india
After Reliance founder Dhirubhai Ambani, the biggest question was whether Mukesh Ambani can use the name Reliance or Anil Ambani? However, the family came up with a solution. Both brothers can use this name. But now once again there is a dispute over the name. This happened not between the two brothers but with the Hinduja Group. Anil Ambani has approached the National Company Law Tribunal accusing the Hinduja Group of using the name Reliance.
The hearing will be held on Tuesday
Anil Ambani-owned Anil Dhirubhai Ambani Ventures Private Limited has filed a petition in NCLT demanding that Hinduja Group-owned IndusInd International Holdings be barred from using the name Reliance. The company should be directed not to use the name Reliance after implementing the resolution plan of financially troubled Reliance Capital. NCLT will hear the matter on Tuesday.
What is the matter?
Importantly, the NCLT approved IIHL's resolution plan on February 27. In doing so, the use of the Reliance brand was allowed for a period of 3 years from the date of approval of the plan. ADAVPL has requested IIHL to stop using the brand immediately after the implementation of the resolution plan. According to sources close to the resolution plan, the Reliance brand is jointly owned by Mukesh Ambani and Anil Ambani. No other company or individual can be allowed to use it.
Who can use the name?
Only the Ambani family can use the Reliance brand. Jio Financial Services owned by Mukesh Ambani is soon going to start financial services in the country. In such a situation, no one other than the Ambani brothers should be allowed to use the name Reliance. The petition said that their side was not heard while giving permission to use the name.