Thursday, December 8 2005 17:35 Hrs (IST) - World Time -

Mumbai: The Bombay High Court will deliver order tomorrow (Dec 9, 2005) on the demerger petition filed by Reliance Industries Ltd (RIL), seeking changes in company's shareholding pattern as part of settlement between Ambani brothers, Mukesh and Anil.

Justice Nishita Mhatre has reserved the order until tomorrow after hearing RIL and a shareholder opposing the scheme.

Country's biggest private enterprise RIL has urged creation of new entities in the petition, however, a minority shareholder opposed it alleging that the demerger was more in the nature of family arrangement than business separation.

Ahmedabad-based chartered accountant Kalpesh Bharatkumar Mankad, who opposed the petition, clarified during the course of hearing on December five that he was not primarily opposed to the demerger scheme but was against the procedure in which it was being carried out.

Jal Unwala, counsel for Mankad, argued that the demerger scheme contained some discrepancy, which was presented by the company to the shareholder members and to the court.

Replying to these arguments, RIL counsel Iqbal Chagla had admitted that the company observed some kind of 'typographical errors' existing in the text of its scheme submitted to the court. However, he completely refuted Mankad's allegations that the demerger scheme was unfair to the share holders.

Alleging non-disclosure of assets and liabilities and loans and advances by RIL, Unwala said that it is the right of the 20 lakh odd shareholders of the company to get full information about these matters.