HC reserves order on RIL demerger till Dec 9.
Economic Times (New Delhi, India), December, 2005
Dec. 6--MUMBAI, India -- The Bombay HC has reserved its order on the Reliance Industries' (RIL) demerger scheme till December 9.
Justice Nishita Mhatre reserved the order after hearing arguments by RIL and shareholder Kalpesh Bharatkumar Mankad, who is opposing RIL's petition. The company's petition seeks approval for the scheme which is part of the settlement agreed between Mukesh Ambani and younger brother Anil Ambani.
As part of the settlement, which was approved by shareholders, Mukesh Ambani has been given the responsibility of flagship RIL and IPCL, while Anil Ambani has been given Reliance Energy, Reliance Infocomm and Reliance Capital. Mr Mankad, the shareholder who opposed RIL's petition, contended that the scheme to demerge one of India's...
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