Tata Steel Ltd on Monday mentioned the scheme of amalgamation with The Tinplate Company of India Limited has change into operative on and from January 15. Tata Steel had earlier authorized Friday, January 19, 2024, because the file date for the aim of figuring out the shareholders of The Tinplate Company of India who can be entitled to obtain absolutely paid-up peculiar fairness shares of Tata Steel within the share trade ratio, as per the scheme of amalgamation.
With the merger coming into impact, The Tinplate Company of India Limited stands amalgamated into and with Tata Steel and dissolved with out being wound up on and from the efficient date and accordingly, the important thing managerial personnel (KMP) of TCIL shall stop to carry their positions and stop to be the KMPs of TCIL, The Tinplate Company of India knowledgeable inventory exchanges in a separate submitting.
“We want to inform you that, after fulfilling all of the situations laid out in Clause 9.1(h) (Definition of Effective Date) learn with Clause 22 (Scheme conditional upon) of the Scheme of Amalgamation, the corporate and TCIL have at present, i.e., January 15, 2024, filed the licensed copy of the NCLT Mumbai Order and NCLT Kolkata Order respectively, with the Ministry of Corporate Affairs, Government of India. The submitting has been made in compliance with Section 232(5) of the Companies Act, 2013 learn with Rule 25(7) of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016,” Tata Steel mentioned.
“Accordingly, when it comes to Clause 8 (Effectiveness of the Scheme) learn with Clause 9.1(h) (Definition of Effective Date) of the Scheme of Amalgamation, the Scheme of Amalgamation has change into operative on and from at present i.e., January 15, 2024 (‘Effective Date’). In phrases of the Scheme of Amalgamation, TCIL stands amalgamated into and with the Company and dissolved with out being wound up, on and from the Effective Date,” Tata Steel added.
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