99.99% shareholders voted for RIL O2C demerger
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Reliance Industries Limited (RIL) claims that a bewildering 99.99 per cent votes were cast by its shareholders in favour of the demerger of its O2C ( oil-to-chemicals) business.
The Scheme provides for transfer of the O2C Undertaking from the Transferor Company to the Transferee Company on a slump-sale basis for a lumpsum consideration and reduction of capital of the Transferor Company consequent to adjustment of capital reserve and securities premium against the debit to the statement of profit and loss arising on transfer of the O2C Undertaking.
In terms of the notification issued on February 25, a meeting of of the Equity Shareholders of the Transferor Company was held on Wednesday under chairmanship of the Justice (Retd.) Shri B.N. Srikrishna, Former Judge, Supreme Court of India, to announce the e-voting procedures.
The results of e-voting shall be disseminated to the stock exchanges and uploaded on the website of the Company and KFin Technologies Private Limited, chairman reported,.