| Exchange Disseminated Time |
|Reliance Industries Ltd has announced that the RIL Group formally handed over the control of the four demerged companies to ADAG following board meetings of these companies held on February 07, 2006.|
Shri Sandeep Tandon and Shri L V Merchant on February 07, 2006 resigned from the boards of these four companies.
The reconstituted boards under the control of Shri Anil D Ambani would now be expected to take the remaining procedural steps for the shares of the companies to be listed and the exchanges have been accordingly notified.
The BSE in a letter dated February 06, 2006 has specified a clear path to list these four entities. According to the letter from the BSE, listing of these companies can be processed once the certified true copy of the final information memoranda, duly approved by the Board is submitted and the provision of clause 49 of the listing agreement complied with. The Company is confident that ADAG will fulfill these conditions at the earliest to ensure prompt listing.
The four demerged Companies are Reliance Natural Resources Ltd (RNRL), Reliance Communication Ventures Ltd (RCoVL), Reliance Energy Ventures Ltd (REVL) and Reliance Capital Ventures Ltd (RCVL).
Commenting on the development a Company spokesperson said, The primary objective of the demerger process which has been completed is to unlock shareholder value for the shareholders of both the demerged company and the resulting companies.
It has been the Company's continuous endeavour to have the shares of the resulting companies listed so that facility of trading on the exchanges is achieved in shortest possible time for shareholders’ benefit.