The extraordinary general meeting of Reliance Industries Ltd on Friday virtually cleared the demerger of group companies, with company chairman Mukesh Ambani submitting over 65 per cent 'proxy' votes in favour of the scheme.
Ambani, under whose chairmanship the demerger plan was cleared by the RIL board, announced at the EGM that proxy votes of over 65 per cent equity have voted in favour of the demerger of the group companies.
According to highly placed sources, the voting process of scrutinisation was in progress and a formal announcement would be made later.
The Bombay high court gave its nod last month to a committee formed by RIL on the demerger of the group companies for settlement between Ambani siblings -- Mukesh and Anil.
The court had asked RIL to inform about the matter by October 21.
The court was hearing a petition filed by RIL, seeking approval of its demerger scheme to bring about a settlement between the two brothers.
The Bombay high court had on September 16 given nod to a committee formed by RIL on the demerger of the group companies for settlement between the siblings.
Earlier, in a move to bring about settlement between the Ambani brothers, the RIL headed by Mukesh moved the Bombay high court on September 13 seeking its stamp of approval on the demerger.
After Mukesh and Anil reached a settlement on June 17, the RIL board had on August 5 approved the demerger scheme under which all RIL shareholders will get one share each in the four new companies with effect from September 1.
The settlement of ownership of Reliance empire has been virtually completed with Mukesh getting the flagship company RIL along with IPCL and Anil getting Reliance Infocomm, Reliance Energy and Reliance Capital.