In a first-ever move, Reliance to seek approvals for RPTs

For the first time ever, Reliance Industries (RIL) will have to put all its related party transactions (RPT) to vote at the business conglomerate’s annual shareholders’ meeting convened next week. This follows a change in regulation that came into effect on April 1.

RIL will seek approval for material RPTs, including transactions with its subsidiaries (other than wholly-owned), joint ventures, promoter group, and between two subsidiaries. The company, helmed by billionaire Mukesh Ambani, will seek approvals for all material RPTs for FY23, and subsequent four years (FY24, FY25, FY26 and FY27), according to its annual report.