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Journalism of Courage
The Reliance group has been officially split into two with the demerger scheme of India8217;s largest company coming into effect from Wednesday.
As per the procedure, Reliance today filed the certified copy of the Bombay High Court order with the registrar of companies.
The High Court, in its order on December 9, had sanctioned the scheme of arrangement among the group companies, RIL informed the stock exchanges.
The High Court had approved the arrangement between Mukesh Ambani-controlled Reliance Industries and now Anil Ambani-owned Reliance Energy Ventures Ltd, Global Fuel Management Services, Reliance Capital Ventures and Reliance Communication Ventures.
The court also approved the arrangement between the company and the respective shareholders and creditors, for demerger of the ADAE-controlled coal-based and gas-based energy entities, financial services company and the telecom venture into each of the resulting companies, respectively.
The company had earlier filed a petition seeking changes in its shareholding pattern as part of settlement between the Ambani brothers.The Reliance split drama dominated corporate India through the year 2004-05 with younger brother Anil seeking his share in the fortune created by his late father Dhirubhai Ambani.
