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May 21, 2007 19:15 IST
The Bombay high court will on June 8 hear a petition filed by Mukesh Ambani-led Reliance Industries seeking the court's nod for the merger of IPCL with itself.
"A petition (under Sections 391 to 394 of the Companies Act, 1956) for sanctioning the Scheme of Amalgamation of Indian Petrochemicals Corporation Ltd with the company was presented by the company on April 23 and the same was admitted by the Hon'ble high court of Judicature at Bombay on April 27.
"The aforesaid petition is fixed for hearing before the Hon'ble Judge taking company matters on June 8," RIL informed the BSE.
The shareholders and creditors of Reliance Industries, on April 21, approved the merger of IPCL with itself.
Earlier, the shareholders and creditors of IPCL had also approved the scheme at their respective court convened meetings held on April 14.
Reliance Industries and its associate companies hold 47.3 per cent of IPCL's equity share capital. RIL acquired equity shares of IPCL in June 2002 when the then government divested its stake.
RIL has said the merged entity would create greater value for shareholders than could be delivered as separate companies.
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