Bombay HC to hear RIL demerger plea on Sept 16

In a bid to give effect to the settlement between the Ambani brothers, RIL has moved the court seeking its stamp of approval on a demerger scheme.

In a bid to give effect to the settlement between the Ambani brothers, Reliance Industries Limited (RIL) headed by elder sibling Mukesh has moved the Bombay High Court seeking its stamp of approval on a demerger scheme.

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The company petition will come up for hearing on September 16 before Justice Ajay Khanvilkar, High Court sources said.

RIL has engaged solicitor firm Amarchand and Mangaldas to represent them in this regard. It filed the demerger scheme in the High Court for necessary approvals on Monday, sources said.

However, the RIL spokesperson could not be contacted for comments.

After Mukesh and his younger brother Anil reached a settlement on June 18, the RIL Board had on August 5 approved the demerger scheme under which all RIL shareholders would get one share each in the four new companies with effect from September one.

The RIL Board had also announced creating four demerged companies - Reliance Communication Ventures Ltd, Reliance Energy Ventures Ltd, Reliance Capital Ventures and Global Fuel Management Services Ltd, slated to go to Anil Ambani.

The settlement of ownership of Reliance empire has been virtually completed with Mukesh getting the flagship company RIL along with IPCL and Anil getting Reliance Infocomm, Reliance energy and Reliance Capital.