Tata Steel approves merger of 7 subsidiaries with itself

ANI
23 Sep 2022, 13:37 GMT+10

New Delhi [India], September 23 (ANI): Tata Steel's board has approved the amalgamation of seven subsidiaries with itself, the steelmaker said in a regulatory filing to the stock exchanges on Friday.

The nod was received on Thursday at a meeting of its Board members.

These seven companies are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, The Indian SteelWire Products, Tata Steel Mining, and S and T Mining Company, the same filing said.

Each scheme was reviewed and recommended to the Board by the Committee of Independent Directors and the audit committee of the company, it added.

"Each Scheme is subject to the receipt of approval from the (a) requisite majority of the shareholders of the respective Transferor Companies and Transferee Company; (b) Competent Authority (as defined in each of the Schemes),(c) SEBI (d) The National Stock Exchange of India Limited and the BSE Limited (hereinafter collectively referred to as "Stock Exchanges"); and (e) such other approvals, permissions and sanctions of regulatory and other statutory or governmental authorities / quasi-judicial authorities, as may be necessary as per applicable laws." (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to India Gazette.

More Information

25 ℃

Fair in New Delhi/Sadfarjung

Business

Section

40,000 Chinese workers to be deported as Manila ends online gaming

MANILA, Philippines: The justice ministry in Manila said it will close 175 Chinese-owned "Philippine offshore gambling operators" and deport some ...

Investors cop haircuts as U.S. stock markets reel, Nasdaq drops 314 points

NEW YORK, New York - A day after investors breathed a sigh of relief, sellers swarmed U.S. stock markets on ...

Enormous debt forces Garuda Indonesia to file for bankruptcy

JAKARTA, Indonesia: Irfan Setiaputra, CEO of Indonesian flag carrier Garuda Indonesia, has confirmed to Reuters that last week the airline ...

Demand for Turkish drones rises, Malaysia, Indonesia voice interest

"Many Asian countries, especially Malaysia and Indonesia, show great interest in our defense industry products. Agreements are being signed," Turkish ...

Asian stock markets end mostly higher despite British pound weakness

SYDNEY, NSW, Australia - Stocks in Asia made broad brush gains on Thursday despite a sudden upturn in the U.S. ...

Apple says will manufacture iPhone 14 in India by end of 2022

CUPERTINO, California: In line with its efforts to move some of its production from China, Apple has announced that it ...

Delhi

Section