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Mukesh Ambani led Reliance Industries will hold virtual AGM on July 15

Reliance Industries Ltd. would hold its 1st virtual annual general meeting of shareholders on 15th July as public gatherings are not even possible in view of the corona virus pandemic situation. In a regulatory filing, RIL the country’s most valuable company as said “the 43rd AGM will be held on Wednesday, 15th July, 2020, at 2 pm through video conferencing or other audio-visual means.” TCS held a virtual annual general meeting on 11th June. Because of the outbreak of the Covid-19 pandemic situation, as the Ministry of Corporate Affairs has permitted to hold AGM through video conference or other audiovisual means without the physical presence of members at a common venue as well. The company is widely credited with having launched the equity culture in India, that held AGMs in stadiums during times of its founder Dhirubhai Ambani as well. 12,000 of them has been attended the Reliance AGM at the Cooperage Football Ground in Mumbai’s Colaba. The next year, around of 35,000 attended it at the city’s Cross Maidan In 1985. Over the years, the AGMs got shifted to the auditoriums even as its shareholder base swelled to over around 24 lakh.

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At the last AGM on Aug. 12, 2019, the firms of billionaire chairman Mukesh Ambani that announced a roadmap for Reliance to become a net-debt free company before 31st March 2021. Reliance had a net debt of around Rs 1,61,035 crore as on 31st March, 2020. “With these investments, RIL has become net-debt free,” it had told. At the last AGM, Ambani had announced plans to sell around $15 billion stakes in his group’s oil-to-chemical business to Saudi Arabian Oil Co but the deal has got slightly delayed as well.

He lured partners to Jio Platforms Ltd, that houses India’s biggest telecom firm by subscribers, Reliance Jio. With more than around 388 million users, Jio has been forced out several rivals and driving consolidation in the sector since entering the market in 2016 with free voice services and cut-price data. Sale of the stake in Jio Platforms has been raised around Rs 1,15,693.95 crore from that leading global investor including Facebook, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since 22nd April 2020. Together side, Reliance has launched India’s biggest right issue, which was subscribed to 1.59 times.

 

Also read:-General Atlantic and Saudi fund looking to buy stake in Jio