R-ADAG company moves High Court for demerger

GANDHINAGAR - Reliance Capital Asset Management Limited, an Anil Dhirubhai Ambani Group company, has moved the Gujarat High court seeking its approval for de-merger from Reliance Money and Infrastructure Ltd.

Swati Soparkar, counsel for the petitioner, submitted before the court that the company, having registered office in Mumbai, has undertaken necessary proceedings in the Bombay High Court and the petition was already admitted by the Bombay High Court.

It was also submitted that the meeting of shareholders of the company was held for consent and the present petition was moved for obtaining the court’s sanction.

Soparkar said a public notice would be given in the newspapers before the final hearing is taken up.

After hearing the petitioner, Justice K.A. Puj admitted the matter and issued notice to the central government. The matter is slated to come up on Oct 7.