Sunday, December 4 2005 11:42 Hrs (IST) - World Time -

Mumbai: Reliance Industries Ltd (RIL) is all set for the final wrap-up of arguments before the Bombay High Court tomorrow (Dec 5, 2005) on its petition seeking approval of the proposed demerger scheme for change in shareholding pattern as settlement between Ambani siblings, Mukesh and Anil.

The court has given the final opportunity to shareholder Kalpesh Bharatkumar Mankad to wind up his arguments tomorrow for opposing the scheme and is likely to pass an order petition tomorrow if both sides conclude their submissions, legal sources told sources. Hearing both sides, Justice Nishita Mhatre told Mankad that the court would not allow any further adjournments after the hearing tomorrow.

RIL has sought dismissal of the intervening application of the shareholder, opposing the scheme, saying he was holding to ransom the entire process of demerger of RIL having around 20 lakh shareholders.

RIL, the country's largest private enterprise, further argued that the objections raised by the intervening shareholder were speculative in nature.

Mankad argued that RIL had indulged in unfair practice towards its shareholders and saw the demerger scheme more of a kind of family arrangement than a business separation. Mankad submitted that the committee formed under chairmanship of retired high court judge M L Pendse had not disclosed to the court the Objections filed by him during the Extraordinary General Meeting of RIL held on October 21.