The Registrar of Companies (RoC) has dismissed the allegations that Reliance Industries Ltd. (RIL) merger with Reliance Petroleum would benefit only the promoter.
A little known investor body, Indian Council of Investors, had alleged that the merger of merger RIL-RPL was not in the interest of the shareholders, and is aimed at benefiting Mukesh Ambani personally.
However, dismissing the allegations, RoC stated that RIL has not violated any provision of the Companies Act, 1956.
In its reply to RoC, RIL had clarified that all the allegations are baseless, motivated and recklessly made at the behest of interests adverse to company and the public in general and shareholders in particular.
RIL and RPL are in the process of obtaining statutory clearances for the merger scheme, which was approved by boards of both the companies on March 2, 2009. RPL shareholders are expected to get one Reliance Group share for 16 RPL shares as per the agreed ratio.
Source>>> Reliance GroupLabels: Reliance Industries, Reliance Industries Limited, Reliance Petroleum Ltd, RIL, RPL