RIL to correct 145;errors146; in demerger scheme

This is the first time that the RIL has sounded fallible since it approached the High Court in September 2005. Senior Counsel Chagla claimed that the scheme was prejudiced, as it did not disclose facts which would enable the shareholders to take an informed decision. The following admissions were made in the court after the lawyer of the shareholder Kalpesh Mankad objecting to the demerger, Jal Unnwalla, found faults the demerger.

Unnwalla said, 8220;There is no description of property and no disclosure of loans and advances in the scheme. I am not against the dermerger scheme what we are objecting is non-confirmation of the procedures as laid down in the Companies Act,8221; he said.

He added that shareholder would not know the future of assets and liabilities, which are not disclosed.