RIL defers meet over IPCL merger delay

Reliance Industries (RIL), the country's most valued company, is delaying its annual general meeting (AGM) this year following non-receipt of approvals for merger of Indian Petrochemicals (IPCL) with itself.

The company had announced its intent to bring IPCL under its umbrella in March. The company intends to hold an AGM for the merged entity. Both the companies have received approvals from their shareholders and creditors for the merger, which is proposed to be effected from April 2006. Their applications are, however, pending with the legal authorities.

Reliance normally hold its AGM in June-August for adoption of the annual reports for the year ending March. The company's last three AGMs were held on June 27, 2006; August 3, 2005 and June 24, 2004. But this time, sources say, the RIL shareholders will have to wait till September to listen to the company's future plans from Chairman Mukesh Ambani. "Even if the companies get the pending approvals in a week, it will have nearly a month to hold the AGM," says a legal expert.