The final judgement on the conversion of the company will be taken by the two-judge NCLAT bench, headed by Justice S.J. Mukhopadhyay, after hearing final arguments next month.
India is likely to face an uphill task to look for the options to sustain oil imports from Iran, the third-biggest crude supplier after Iraq and Saudi Arabia.
After hitting an all-time high of $426.08 billion in the week ended April 13, the Indian forex reserves have fallen gradually since the last four months.
The news articles across the globe which claimed that the company has crossed the $1 trillion mark in market cap turned out to be wrong because of a technical fault with the app built into the iPhone