Friday, July 8 2005 17:29 Hrs (IST) - World Time -

New Delhi: Mukesh Ambani-controlled Reliance Industries Ltd (RIL) will hold its Annual General Meeting on August 3, in which the company's plans following the settlement of ownership of Reliance empire may come up for discussion.

The company's 31st AGM will be held on August 3 and RIL may declare a dividend for the shareholders, the company informed the Bombay Stock Exchange.

Following settlement of the family row, Reliance Industries had authorised its Board Committee on corporate governance and stakeholders interface to suggest a scheme of reorganisation.

The committee was mandated to examine in depth all the relevant issues including statutory and legal requirements. It was also asked to avail of professional and legal expertise to advise on preparing the reorganisation schemes.

The RIL AGM could consider a scheme of reorganistion based on the Committee's suggestions.

RIL is virtually the holding company of the group having controlling stake in all the other entities and the reorganisation would be carried out to give effect to the settlement announced by the group's founder-Chairman Dhirubhai Ambani's widow Kokilaben.

Under the settlement announced on June 18, Mukesh Ambani won control of RIL and IPCL, while younger brother Anil Ambani got Reliance Infocomm, Energy and Capital.

The reorganisation of the Rs 1,00,000 crore Reliance group will involve transfer of shares from Mukesh and Anil in RIL, IPCL, REL, Reliance Capital and Reliance Infocomm.

The board committee headed by Y P Trivedi is working out the modalities of the share transfer and share swaps.

According to analysts, the shareholders of RIL may be given an option to have stakes in other sister concerns of Reliance at a proportion that would be decided after detailed valuation and deliberation.