The Bombay High Court sanctioned the merger of Reliance Industries Limited and Reliance Petroleum Limited, but stayed its own order to enable those who are against the merger to file an appeal.
Justice A M Khanwilkar, while sanctioning the merger, stayed the operation of its own order for four weeks, to enable the petitioners file an appeal before a division bench.
The merger scheme in the present form was challenged by one Anup Sheth and two other shareholders, objecting to it on various grounds.
The petitioners had demanded that the Court should order an inquiry by SEBI, RBI and other financial governing bodies before sanctioning the merger. They said valuation of shares for arriving at exchange ratio (for the purpose of merger) was not â€˜fair and correctâ€™ as several financial aspects were not taken into consideration.
The petitioners contended that the valuation overlooked several facts, circumstances, assets and liabilities. But the High Court dismissed these objections, and approved the merger.
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