The Bombay high court sanctioned on Monday the merger of Reliance Industries Ltd and Reliance Petroleum, but stayed its own order to enable those who are against the merger to file an appeal.
Anup Sheth and two others had filed applications, objecting to the merger scheme in the present form.
Justice A M Khanwilkar sanctioned the merger on Monday, but stayed the order for four weeks, so that Sheth and others could file an appeal before a division bench.
The objectors had demanded that high court should order inquiry by Securities and Exchange Board of India, Reserve Bank of India and other financial governing bodies before sanctioning the merger.
Valuation of shares for arriving at exchange ratio (for the purpose of merger) was not 'fair and correct' as several financial aspects were not taken into consideration, the petitioners said.
The valuation also overlooked several facts and circumstances and assets and liabilites, they contended.
But the high court dismissed on Monday these objections, and approved the merger.
