Mumbai: The country’s largest company by market value, Reliance Industries Ltd (RIL), has been asked by the registrar of companies (RoC) to provide a clarification on some shareholder complaints against its proposed merger with with Reliance Petroleum Ltd (RPL). A copy of the letter written by RoC to the company was reviewed by CNBC-TV18.
The RoC, in the letter written on 28 April, sought an “exhaustive” reply from the company within 10 days. The RoC letter also indicated that a first reading of the complaint received by it indicated a “possible violation of the Companies Act”.
RIL said it was in discussions with the RoC. It said “the issues raised are frivolous, baseless and completely unsubstantiated with no relevance to the terms of the proposed merger”. The company also said it had made a criminal complaint with Mumbai Police over the matter.
The merger of RIL and RPL would create the world’s largest refining capacity at a single location, at Jamnagar in Gujarat.
Boards of both companies approved the merger on 2 March.