Sandeep Tandon Reliance top official passed away

Sandeep Tandon, a top official of Reliance Industries Ltd., passed away on March 17, 2010. Sandeep was sixty years old. He has been suffering from cancer for a long time. At the time of his death, Sandeep Tandon was in the U.S for treatment and died over there. He survived by his wife Anu Tandon, currently serving as a Congress MP from Unnao, and two sons- Sachin and Shalin.

A former Revenue Service Officer, Sandeep Tandon became the President of Taxation in RIL and helped Mukesh Ambani in handling tax related matters. He also overlooked legal documents and advised Mukesh on all overseas investments and handled liaison for RIL with the CBDT, CBEC, ED and DRI and other agencies. He has his own exclusive taxation and liaison office where his two sons also work.

It is believed that it was Sandeep Tandon, who helped Reliance in the 1980s when the company was accused of “working through front companies in tax havens.” At that time, he served in the Enforcement Directorate. After the case was closed, he went on premature retirement and joined Reliance as president of taxation. Mukesh’s younger brother, Anil Dhirubhai Ambani, never trusted Sandeep Tandon for he raided Anil’s wife, Tina Ambani’s house before she got married to Anil Ambani. Sandeep Tandon used to head four companies of the Reliance Group- Reliance Energy Ventures, Reliance Capital Ventures, Reliance Communication Ventures and Reliance Natural Resources. These companies were handed over to Anil Dhirubhai Ambani after the split.

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Reuters has an excellent report on the conflict between the Ambani brothers. The two brothers are at odds against each other for the last few years after their father died. Mukesh Ambani has now wealth of nearly $19.5 billion while the younger brother Anil has wealth of nearly $10.1. They are among richest people in the whole world and yet they are fighting very bitterly. Unfortunately, this conflict is bringing a lot of negative publicity for the energy sector in India. Some foreign investors are also worried about the role of Indian government in this conflict.  

Indian economy suffered a lot in the last few months because of economic recession and now, when things are becoming better in the US economy, this family feud may hurt the prospect of recovery of Indian economy. The court is now trying to resolve the issue. However, the problem is that the two brothers are in a deadlock position and it seems that no one except themselves can bring a solution. Even if there is a court verdict soon, they have the money and lawyers to continue the matter in court for another many months. So, you should read this report of Reuters on the conflict of the two brothers.