Reliance group companies' merger comes into effect

Friday, 20 September 2002, 07:00 Hrs
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NEW DELHI: The merger of Reliance Petroleum Ltd. (RPL) with Reliance Industries Ltd. (RIL) came into effect Thursday after the filing of the requisite documents with the Registrars of Companies in Gujarat and Maharashtra.

With this, the Reliance group has formally become India's first private Fortune 500 company with total revenues of 600 billion, net profit of over 46 billion and exports of 112 billion in the last accounting year.

The Reliance group has total assets of 600 billion with activities spanning petrochemicals, synthetic fibres, fibre intermediates, textiles, oil and gas, financial services, power, insurance, telecom and infocom.

"As already announced, the merger has retrospective effect from April 1, 2001," an official company release stated.

Having fulfilled the requirements under the Companies Act of 1956, Reliance announced that a meeting of the RIL board of directors would be held on September 30 to approve the audited financial results for the 2002-03 fiscal and recommend the dividend on equity shares.

The register of members (equity shareholders) and the transfer books of both the companies will remain closed from October 26-31 for the payment of dividend on equity shares for the year 2001-02.

In the case of RPL, the task of determining the persons who would be entitled to receive one equity share of RIL in exchange for 11 RPL equity shares would be undertaken during the six day of the closure period for the register of members and transfer book.

Source: IANS
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