Reliance Petroleum Ltd has informed that the Board of Directors of the Company at its meeting held on October 16, 2007, has approved the following disclosures, which were reviewed by the Audit Committee:1. The status of the Project as on September 30, 2007 is in accordance with the major milestones stated in the Prospectus dated April 28, 2006.
2. The Company had raised Rs 8,100 crore through Initial Public Offering. As on September 30, 2007, the Company has utilised Rs 21,975 crore for the Project against a projected utilisation of funds of Rs 16,974 crore. The variation is mainly due to payments in advance under project contracts for continued efficient and speedy implementation of the Project. Based on the progress made till date the Project is expected to be completed ahead of December 2008.
3. There were 3 investor complaints pending as on June 30, 2007. During the quarter, the Company received 178 complaints. All the 181 complaints were resolved during the quarter and there were no investor complaints pending as on September 30, 2007.
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