RIL demerger set to sail through

The shareholders of Reliance Industries Ltd (RIL) today virtually approved the proposed demerger of group companies by casting their verdict in its favour through a ballot at an extraordinary general meeting.

The final results of the poll would be announced after the same is filed with the Bombay High Court on Monday.

Reliance Industries chairman and managing director Mukesh Ambani said at the meeting that over 65 per cent "proxy" votes were cast in favour of demerger, indicating that the scheme would sail through.

Today's EGM took place at the instance of the Bombay High Court which gave its nod last month to a committee formed by Reliance Industries on the demerger of the group companies for settlement between Ambani siblings - Mukesh and Anil. It asked the company to take shareholders' permission at a general meeting.

Separate meetings of secured creditors (including debenture holders) and unsecured creditors were also held today. Justice M L Pendse (retired) presided over all the meetings.

Reliance Industries moved the Bombay High Court on September 13 seeking its approval for the demerger of the group companies. The demerger scheme proposed that Mukesh Ambani would take over Reliance Industries and Indian Petrochemicals Corporation, while Anil Ambani would get control of Reliance Energy, Reliance Infocomm and Reliance Capital.