Financial Daily from THE HINDU group of publications
Tuesday, Dec 06, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 06, 2005 |
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Corporate
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Restructuring Reliance demerger: HC verdict on Dec 9 Our Bureau
Mumbai , Dec 5 THE Bombay High Court will give its judgment on the demerger scheme of Reliance Industries Ltd (RIL) and its group companies on December 9. The merger scheme was challenged by an Ahmedabad-based RIL shareholder, Mr Kalpesh Mankad. After hearing both the sides, Mr Justice Nishita Mhatre reserved the order till Friday. Earlier, advocate Mr Jal Unwala, representing Mr Mankad, argued that the demerger scheme had contradictions and discrepancies. The latest financial position of RIL has not been placed on record and the assets of RIL and group companies were not properly mentioned in the demerger scheme. "Shareholders should know what the investments and liabilities of the companies are. I'm principally not opposing the demerger, but my client should know the demerger scheme," said Mr Unwala. Mr Unwala also argued that as the assets of RIL and other group companies were not clearly defined, it was possible for the companies to swap the assets. On Monday, the RIL scrip closed at Rs 839.20 on the BSE, compared to the previous close on Friday at Rs 839.05.
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