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Reliance gets shareholders, creditors nod for hiving off O2C business into separate unit

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Reliance gets shareholders, creditors nod for hiving off O2C business into separate unit

New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit. As per directions of the National Company Law Tribunal (NCLT), the company convened meetings of equity shareholders, lenders and unsecured creditors for consideration of a resolution for transferring the O2C business to a separate subsidiary – Reliance O2C Limited.

In stock exchange filings, RIL said 99.99 per cent of shareholders, who participated in the meeting held through video conferencing, voted in favour of the resolution.

While 100 per cent of the secured creditors voted in favour of the resolution, 99.99 per cent of unsecured creditors cast their vote in favour of the resolution.

The meetings were chaired by former Supreme Court judge Justice (Retd) BN Srikrishna.

“Scheme of Arrangement between Reliance Industries Limited (Transferor Company) and its shareholders and creditors and Reliance O2C Limited (Transferee Company) and its shareholders and creditors was placed before” equity shareholders, secured and unsecured creditors for consideration and approval, the filings said.

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