Reliance name war rages, Anil Ambani's company is in trouble

The fight over who will use the Reliance name is escalating. On Tuesday, the National Company Law Tribunal (NCLT) asked why Anil Dhirubhai Ambani Ventures (ADAVL) did not use the name 'Reliance' earlier while dealing with Reliance Capital issues on behalf of Induja Group (IIHL). ' requested to stop using the name. This comes after IIHL won the bid for Reliance Capital and got the green signal for their settlement plan. ATAVPL has also filed an interim petition in this regard in the National Company Law Tribunal (NCLT). ADAVPL claims in its petition that the ADAVPL brand agreement did not give any right to the brand to RCap; It only allows them to use it. He also pointed out that as per this arrangement, the brand does not count as an asset of RCap under Section 18 of the Insolvency and Bankruptcy Code. Also Read: Kerala: CM talks about loan waiver for landslide victims, says Reliance, IIHL immediately stopped using IIHL after implementation of resolution Sources say Reliance brand is owned by both Mukesh Ambani and Anil Ambani. On February 27, 2024, the NCLT gave the green signal to IIHL's Rs 9,650 crore plan to resolve the problems of Reliance Capital (RCAP). ATAVPL has filed a petition to keep the brand associated with the Ambani family. Everyone has an eye on what the NCLT will decide, with the next hearing scheduled for Tuesday. Also Read: SEBI: SEBI expresses concern over multi-crore loss to country's exchequer