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The Registrar of Companies (RoC) has examined the complaints against the Mukesh Ambani group owned Reliance Petroleum Limited (RPL) on a matter relating to its merger with Reliance Industries Limited (RIL),the government has said.
The report is now pending with the Gujarat High Court.
Complaints received against RIL regarding the merger were examined by the RoC office and prima facie there appears to be no contravention of law,Minister of State for Finance Namo Narian Meena told Lok Sabha in a written reply.
He said provisions governing the arrangement between the companies came under the regulatory purview of the Ministry of Corporate Affairs and not SEBI.
The Bombay Stock Exchange and the National Stock Exchange have approved the scheme of amalgamation,he added.
Meena said subsequent to the announcement of the merger,the matter became sub-judice. The hearing on the RIL petition concluded on June 29 this year,but an order is yet to be received.
The RPL petition for amalgamation along with an objection petition is pending before the Gujarat High Court.
The proposed amalgamation of RPL with RIL will have to be approved by the Bombay High Court and the Gujarat High Court.
Earlier,the boards of both RIL and RPL had approved the merger. The swap ratio was one RIL share for every 11 of RPL.
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