Reliance demerger

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Old 9th December 2005, 01:53 PM
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Reliance demerger

The Bomby High Court today approved the demerger scheme of Reliance Industries (RIL).

RIL, the country's biggest private enterprise, had filed a petition before the court seeking its sanction for the demerger of the company's power, telecom and energy businesses.

A minority shareholder had opposed the scheme alleging that the demerger was more in the nature of family arrangement than business separation.

Ahmedabad-based chartered accountant Kalpesh Bharatkumar Mankad, who opposed the petition, clarified during the course of hearing on December 5 that he was not, per se, opposed to the demerger scheme but was only against the procedure in which it was being carried out.

Jal Unwala, the counsel for Mankad, argued that the demerger scheme contained some discrepancies.

Replying to the arguments, RIL counsel Iqbal Chagla had admitted that the company observed some kind of "typographical errors" in the text of its scheme submitted to the court. He, however, completely refuted Mankad's allegations that the demerger scheme was unfair to the shareholders.

Alleging non-disclosure of assets and liabilities and loans and advances by RIL, Unwala said that it was the right of the 20 lakh-odd shareholders of the company to get full information about these matters.
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