ICICI chairman K V Kamath, who is mediating in the feud between the Ambani brothers, recently gave a handsome compliment to both the brothers. In a TV interview, he said a settlement between the two brothers would certainly be reached, as both of them are ‘extremely mature and intelligent.’

Kamath has, indeed, been somewhat even-handed in his remark, understandably because of his delicate position as a mediator. But if one looks at the events of past six months, one cannot but discern a streak of a rebel in Anil Ambani.

Anil spurned all overtures made by Mukesh to him (whom he addressed as ‘beta’ out of sheer love) for a one-to-one meeting to sort out all the outstanding problems relating to the ownership and control of Reliance companies. Instead, Anil wanted the meeting to take place in the presence of all the family members and on the basis of an agreed agenda!

Anil also adopted an unprecedented strategy of using the media to air his grievances and to project exaggerated corporate governance lapses in RIL and Infocomm, the two companies directly under Mukesh..

Anil is the vice-chairman and managing director of RIL, he openly criticized the company and its directors before and after every board meeting. He resigned from the chairmanship of Reliance Energy on the specious plea that it was below his dignity to serve on a board on which Anand Jain, an old friend of Mukesh, sat. Although as a goodwill gesture he was requested by the REL board to reconsider his resignation, he put forth some more conditions. And finally, he made a big corporate governance issue out of his resignation having been accepted.

Because of these sordid events, the Reliance feud will go down in history as one of the most acrimoniously fought corporate wars over ownership and control of paternal business.

Even so, one is tempted to accept Kamath’s remarks in the hope that the brothers will at least now prove themselves worthy of the compliment paid to them. But in doing so one of the brothers will have to shed some of his ego to which even Kamath made an oblique reference.

Mukesh is also reported to have agreed to give Anil the sunrise business of Infocomm that he had assiduously built and was so dear to him. Whether Anil will respond to these concessions made by Mukesh is to be seen.