War broke out again over the use of Reliance name...?
War broke out again over the use of Reliance name...?Following the passing of reliance Industries founder Dhirubhai Ambani, there was a period of uncertainty on who would keep the reliance name—Mukesh Ambani or his younger brother Anil Ambani. The Ambani family did, however, come up with a rather clever fix for this. Ultimately, it was agreed that the reliance brand would be available to both brothers. This name is currently the subject of a fresh controversy. Anil Ambani, who claims the Hinduja Group is utilizing the name reliance, has filed for asylum with the National Company Law Tribunal (NCLT).Anil Ambani's Anil Dhirubhai Ambani Ventures Private Limited has asked in an NCLT appeal that Indusind international Holdings, controlled by Hinduja Group, be barred from using the term Reliance. IIHL shouldn't use the name reliance Capital. It is recommended that the corporation refrain from using the name Reliance following the implementation of Reliance Capital's financial crisis resolution plan. On Tuesday, NCLT will hear this case.When approving IIHL's resolution plan in February, reliance Capital NCLT, which IIHL has since bought, was given permission to use the name reliance for a three-year period. reliance Capital was recently bought by IIHL with a payment of Rs 9,641 crore to creditors. A debt of Rs. twenty-five thousand crore had not been repaid by reliance Capital. reliance Capital has been purchased by IIHL at the auction. In june 2023, lenders accepted IIHL's bid for reliance Capital.