The Bomby high court on Friday approved the Reliance Industries Limited's demerger scheme, which sought to make changes in the company's shareholding pattern as part of a settlement between Ambani siblings, Mukesh and Anil.
RIL, the country's biggest private enterprise, had filed a petition before the court seeking its sanction for demerger of the company's power, telecom and energy businesses.
However, a minority shareholder opposed it 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, counsel for Mankad, argued that the demerger scheme contained some discrepancies.
Replying to these arguments, RIL counsel Iqbal Chagla had admitted that the company observed some kind of 'typographical errors' existing in the text of its scheme submitted to the court. However, he 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 2 million-odd shareholders of the company to get full information about these matters.
