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Court nod for RIL demerger scheme
MUMBAI:
The Bombay High Court on Friday put its stamp of approval on Reliance Industries' much-publicised demerger scheme, which seeks to hive off the company's power, telecom and energy businesses as part of a settlement reached between Ambani siblings, Mukesh and Anil. Rejecting objections raised by a minority shareholder, Justice Nishita Mhatre approved the demerger scheme and asked RIL to move the matter before the Registrar of Companies within 30 days.
The shareholder, Kalpesh Bharatkumar Mankad, sought a stay for six weeks on the High Court order to enable him to file an appeal to the higher court, but Justice Mhatre refused to grant his prayers.
PTI
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