RIL delays AGM as approvals for IPCL merger get delayed

14-Aug-07
Reliance Industries (RIL), has delayed this years' annual general meeting (AGM), as it has not yet received approvals for merger of Indian Petrochemicals (IPCL) with itself. Reliance normally holds its AGM in June-August for adoption of the annual reports for the year ending March. But this time the RIL shareholders may have to wait till September as the company intends to hold an AGM for the merged entity. Earlier this year, RIL had announced its intent to bring IPCL under its umbrella. Both the companies have received approvals from their shareholders and creditors for the merger, which is proposed to be effected from April 2006. Their applications are, however, pending with the legal authorities.
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