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No Reliance de-merger proposal received yet, says Ministry

Richa Mishra

New Delhi , July 8

EVEN while the market is abuzz with the proposed de-merger plan as part of separation of Reliance group companies, the Ministry of Company Affairs (MCA) has stated that it has so far not received any notice or de-merger proposal from any of the group entities.

The Standing Committee on Finance has asked the Ministry whether there is a de-merger in the Reliance group.

Official sources said no de-merger proposal had been received by the Ministry or any of its offices as per the settlement plan of the two brothers - Mr Mukesh Ambani and Mr Anil Ambani.

In fact, the Ministry is understood to have informed the Parliamentary committee that it was only through media reports that it has come to know about de-merger.

As per the current provisions of the Companies Act, the company has to file an application before a High Court with a scheme for reconstruction.

The Court gives a notice to the Union Government on the application and takes into consideration the representation, if any, made to it by the Government before passing any order.

RIL had informed the BSE that its board of directors, on June 18, decided to consider a proposal for re-organisation of the company's business through an appropriate scheme of arrangement. For this purpose the board authorised the `Corporate governance and stakeholders interface committee' to examine the matter and recommend its proposal for consideration by the board.

In this task, the board further empowered the said committee to avail itself of professional and legal expertise to advise on preparing the reorganisation scheme expeditiously.

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