Shareholders of Mukesh Ambani-led Reliance Industries met in Mumbai on Saturday in an extra-ordinary general meeting to vote on the merger of its subsidiary Reliance Petroleum with the company.
Anup Sheth and two others had filed applications, objecting to the merger scheme in the present form. 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.
The merger between the RIL and RPL would enhance value for shareholders of both the companies, RIL Chairman Mukesh Ambani said in Mumbai on Monday.
In two separate filings, both the companies said a meeting of the board of directors will be held on March 2, to consider and recommend the amalgamation of Reliance Petroleum and Reliance Industries, the country's most valued firm in terms of market capitalisation.
The Registrar of Companies has given a clean chit to Reliance Industries, while disposing of complaints that its merger with Reliance Petroleum would benefit only promoter Mukesh Ambani.
The Board of Directors of Reliance Industries on Monday approved a scheme of amalgamation of its subsidiary Reliance Petroleum with the parent company under the provisions of Sections 391 to 394 of the Companies Act, 1956.
Amid the gloomy economic scenario, the $1.8-billion deal in China and the $1.7-billion RIL-RPL deal brought life to merger and acquisition activities in March in Asia, which were dull in the first two months of 2009.
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