RIL invites notices for demerger plan

Moving closer to demerger of power, telecom and financial businesses from it, Reliance Industries on Thursday invited notices in support or against the demerger petition, which would come up for hearing in the Bombay High Court on November 25.

In a communication to Bombay Stock Exchange, RIL, the flagship company of Mukesh Ambani-controlled Reliance group, said, "any person concerned with the petitioner company and desirous of supporting or opposing the petition should send a notice of his intention to the company."

The notices should be sent latest by November 23, two days prior to the Court hearing, RIL said. If the person is opposing the demerger scheme, he would also have to state the grounds of his opposition, the company said.

RIL had sought the court's approval of a scheme to demerge the company into four new entities as part of the settlement reached between Mukesh and Anil Ambani.

The Reliance saga

Retired Judge M L Pendse will submit a report to the High Court conveying the decision of extraordinary general body meeting of RIL shareholders approving the demerger scheme.

At the EGM, majority shareholders of RIL had approved the demerger scheme. In a statement on October 24, RIL claimed that 99.9998 per cent of its total equity shareholders had voted in favour of the demerger scheme.

The shareholders approved the scheme, which envisages change in the shareholding pattern whereby a shareholder having one share of RIL will be entitled to get one share each in all new four entities sought to be created.

The new entities are - Reliance Communication Ventures Ltd, Reliance Energy Ventures Ltd, Reliance Capital Ventures and Global Fuel Management Services Ltd.