The Bombay High Court on Monday approved the merger between Reliance Industries and Reliance Petroleum but stayed its own order for four weeks to enable those objecting to the amalgamation to file appeal before division bench.
Anup Sheth, Jayesh Shah and Shailesh Mehta, all shareholders of both RIL and RPL, had filed applications, objecting to the merger scheme in the present form.
Justice A M Khanwilkar, by today's order, sanctioned the merger, but stayed the order for four weeks, so that Sheth and others could appeal before division bench.
The applicants had demanded that the high court should order inquiry by regulatory agencies SEBI, RBI and other financial governing bodies before sanctioning the merger.
Valuation of shares for arriving at exchange the ratio (for the purpose of merger) was not "fair and correct" as several financial aspects were not taken into consideration, they said.
The valuation also overlooked several facts and circumstances and assets and liabilities, they contended.
In March last, the boards of director of the two firms approved the merger, creating one of the world's largest petrochemical entities.
The deal offered shareholders of RPL one RIL share for every 16 shares held by them.