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Informist, Tuesday, Aug 6, 2024

 

NEW DELHI – The Mumbai bench of the National Company Law Tribunal today approved the scheme of amalgamation between Tata Steel Ltd and The Indian Steel & Wire Products Ltd. The Kolkata bench of the tribunal approved the merger in May, but the Mumbai bench's nod was pending. The Mumbai bench has jurisdiction over the transferee company.

 

"The Scheme appears to be fair, reasonable and is not in violation to any provisions of law nor is contrary to public interest/policy," the Mumbai bench of the tribunal said. It asked Tata Steel to file a certified copy of the order along with a copy of the scheme with the Registrar of Companies concerned, electronically in addition to a physical copy, within 30 days of the date of receipt of the order.

 

Tata Steel acquired 1.87 mln shares of subsidiary The Indian Steel and Wire Products Ltd at 427.01 rupees per share for 800 mln rupees, according to an earlier exchange filing. The Indian Steel and Wire Products is engaged in manufacturing wire rods, steel reinforcement bars with intensive thermo-mechanical treatment, wires, and wire products as an external processing agent of Tata Steel, and in manufacturing and direct marketing of welding products, nails, rolls, and castings. 

 

Today, shares of Tata Steel closed slightly higher at 150.32 rupees on the National Stock Exchange.  End

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

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