IPCL share holders oppose merger with Reliance at AGM

Vadodara, Apr 14 (UNI) The share holders of the IPCL today opposed its amalgamation with Reliance Industries Limited at its Annual General-body Meeting (AGM) held here.

The AGM, which was organised at IPCL's R&D auditorium here and chaired by Gujarat High Court's Justice (Retd) R J Dave, witnessed opposition from share holders, including some IPCL employees, who said the merger was ''unfair, unjust and against public interest''.

The share holders alleged that their signatures on proxy-forms were taken by the management by hiding their real intention. Some of them did so by faking signatures, they said.

They also demanded a separate reserve fund of Rs 400 crore for IPCL employees.

They shouted slogans against the managements of both the companies and stated that the proposed amalgamation was against the public interest and not beneficial to the interest of the equity share holders.

UNI