Reliance Industries Limited (RIL) stated on Friday that it has received approval from its shareholders and creditors for the scheme of arrangement of Reliance O2C (Oil-to-Chemicals ) into a separate entity.

“Scheme of Arrangement between Reliance Industries Limited (“Transferor Company” or “Company”) & its shareholders and creditors and Reliance O2C Limited (“Transferee Company”) & its shareholders and creditors (“Scheme”) was placed before the Equity Shareholders for consideration and approval,” Reliance Industries said.

An astonishing 99.99 percent votes were cast by shareholders in favour of Reliance Industries Limited (RIL) for the scheme of arrangement of RIL O2C demerger. NCLT vide its order dated February 11 had directed Reliance Industries Limited as the Transferor Company to hold a meeting of its equity shareholders to consider and, if thought fit, to approve, with or without modification, the proposed scheme of arrangement between the Transferor Company and its shareholders and creditors and Reliance O2C Limited as the transferee company and its shareholders and creditors.

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 notice dated February 25, a meeting of the Equity Shareholders of the Transferor Company was convened and held on Wednesday, March 31 through VC. The Transferor Company had provided to its equity shareholders facility to exercise their right to vote on the resolution contained in the notice calling the meeting using an electronic voting system.

India inc mop up record Rs 1,88,900-Cr in equity capital this fiscal

UN Report: India's 2021 economic output may remain below 2019 level

Reserve Bank announces panel to evaluate licence applications