Mumbai, Dec. 9: Nearly 20 lakh shareholders of Reliance Industries (RIL) today heaved a sigh of relief with Bombay High Court giving an unconditional approval to the company?s demerger scheme.

Following this, Reliance is likely to expedite the process of demerger and conclude it by the end of next month. RIL officials, however, did not comment on the developments.

Rejecting objections raised by a minority shareholder, Justice Nishita Mhatre approved the scheme and asked Reliance to take the matter to the Registrar of Companies (RoC) within 30 days.

The lone dissenting shareholder, Kalpesh Bharatkumar Mankad, sought a stay for six weeks to enable him to file an appeal to a higher court. Justice Mhatre declined his request. Mankad had earlier contended that he was not opposed to the demerger scheme per se, but the manner in which it was being implemented.

The Reliance board will also meet soon. While the company is expected to announce the record date for the demerger, the listing process of the demerged entities could be completed by January 31.

Under the scheme, four entities will be demerged from Reliance, based on the businesses of telecommunications, coal-based energy, financial services and gas-based energy.

The four firms will be known as Reliance Communications Venture Ltd, Reliance Energy Ventures Ltd, Reliance Capital Venture Ltd and Global Fuel Management Services. Shareholders of RIL will get shares in each of the four entities.

RIL moved court on September 13, seeking its approval for the scheme. As asked by court, an extraordinary general meeting (EGM) was convened under the chairmanship of retired Judge M.L. Pendse on October 21. The scheme was passed by more than 99 per cent of RIL shareholders at the meeting.

However, the minority shareholder, Mankad, who raised objections against the demerger scheme, later filed an affidavit in the court alleging that it was more of a family settlement than a business separation

Mankad?s counsel, Jal Unwala, argued that the demerger contained some discrepancies. Responding to these arguments, RIL counsel Iqbal Chagla admitted that the company had observed some typographical errors in the text of the demerger scheme submitted to the court. He, however, refuted Mankad?s charge that the scheme was unfair to shareholders.