The Hindu Business Line : RIL shareholders approve demerger

THE shareholders of Reliance Industries Ltd (RIL) have voted in favour of its scheme of arrangement (demerger) between RIL, Reliance Energy Ventures Ltd, Global Fuel Management Services Ltd, Reliance Capital Ventures Ltd and Reliance Communication Ventures Ltd.

According to a release from RIL on Monday, at the meetings of the shareholders, secured creditors and unsecured creditors, 100 per cent of the unsecured creditors and 99.81 per cent of the total number of shareholders present in person/proxies voted in favour of the scheme. The 99.81-per cent shareholders present in person/proxies represent 99.9998 per cent of the total value of equity shares of the company.

Only 15 shareholders representing 0.19 per cent of the shareholders present in person/proxies, who represent 0.0002 per cent of the total value of shares, voted against the scheme, the release said.

The scheme of arrangement proposes that each of RIL's undertakings comprising its interests and strategic investments in (i) coal-based power business; (ii) gas-based power business; (iii) financial services business; and (iv) telecommunication business be segregated and demerged and transferred to separate companies for achieving independent focus in these areas.

RIL will continue its interests in the businesses of petrochemicals, refining, oil and gas exploration & production and textiles and also develop new areas of growth.

It may be recalled that an extraordinary general meeting (EGM) of the company held on Friday as per the direction of the Bombay High Court under the chairmanship of Justice (retired) Mr M.L. Pendse saw the receipt of proxies and authorisations for 90.7 crore equity shares of Rs 10 each of the company.

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