Tuesday, September 13 2005 14:04 Hrs (IST) - World Time -

Mumbai: In a bid to render effective the settlement between the Ambani brothers, the Reliance Industries Limited (RIL), headed by elder scion Mukesh, has moved the Bombay High Court seeking its stamp of approval on demerger schemes.

The company petition will come up for hearing on September 16 before Justice Ajay Khanvilkar, High Court sources told PTI.

RIL has engaged solicitor firm Amarchand and Mangaldas to represent them in this regard.

RIL filed the demerger scheme in the High Court for necessary approvals yesterday (Sept 12, 2005), sources said. However, RIL spokesperson could not be contacted for comments.

After the announcement of settlement on June 17, the RIL Board had on August 5 approved the demerger scheme under which all RIL shareholders will get one share each in the four new companies with effect from September one.

The RIL Board had also announced creating four demerged companies - Reliance Communication Ventures Ltd, Reliance Energy Ventures Ltd, Reliance Capital Ventures and Global Fuel Management Services Ltd, slated to go to Anil Ambani.

The settlement of ownership of Reliance Empire has been virtually completed with Mukesh getting the flagship company RIL along with IPCL and Anil getting Reliance Infocomm, Reliance energy and Reliance Capital.