My Share In Dad's Cherry Pie

The next step was to get the four firms listed on the exchanges as the demerger envisaged that the existing RIL shareholders would get the same proportion of shares in the four firms as their holdings in the parent company. So, the four firms have to issue over 122 crore new shares each. The increase in capital of each firm is slightly less than RIL's paid-up capital (over 139 crore shares) as the Petroleum Trust and four other firms, which together own 11.2 per cent stake in RIL, won't get any stake in ADA group firms. Finally, the hundreds of investment firms through which Mukesh controls RIL and which would have got shares in the four firms gave PoAs to the ADA group to transfer the allotted shares to Anil. The Mukesh camp alleged that the nominees of the ADA group had "fraudulently transferred" more shares than they were supposed to. "This amounts to criminal breach of PoA," states an anonymous note emanating from Mukesh's side. This issue has been ironed out and Anil hopes to get the four firms listed over the next 3-4 weeks.