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Our Bureau

Mumbai , Dec 9

THE Bombay High Court on Friday approved the demerger plan of Reliance Industries Ltd (RIL) and its group companies. Ms Justice Nishita Mhatre announced the verdict, setting aside a petition filed by minority shareholder Mr Kalpesh Mankad from Ahmedabad, who had questioned the rationale of the proposed scheme of arrangement.

Mr Mankad told Business Line that he would be going in appeal against the order in divisional bench of the Bombay High Court.

The demerger scheme was approved by 99.8 per cent of the company's shareholders.

Mr Mankad opposed the scheme on the grounds that RIL had not disclosed detailed assets to be transferred to the new company.

In June 2005, Mr Mukesh Ambani and Mr Anil Ambani ended a feud over ownership of the Reliance group.

Under the agreement, the group's main oil and chemical business remains with Mr Mukesh Ambani-led RIL, while the rest is with a holding company controlled by Mr Anil Ambani.

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