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

12 ℃

Fog in New Delhi/Gandhi

Business

Section

Moody's warns of downgrade in China's credit outlook

NEW YORK: This week, ratings agency Moody's warned that it could downgrade China's credit rating, citing costs to bail out ...

Artificial intelligence stocks all the rage on Wall Street

NEW YORK, New York - AI set the scene for solid gains in technology shares on Thursday. Demand for Alphabet ...

To reduce car-wildlife collisions US allots $110 million to 17 states

WASHINGTON D.C.: To help reduce car collisions with wildlife and help animals safely cross roadways, the U.S. Transportation Department has ...

European Commission to upgrade EU countries' EV power grids

BRUSSELS, Belgium: To address power shortages at electric vehicle (EV) charging stations, last week, the European Commission announced plans to ...

China's major pig breeders face mounting debts, losses

BEIJING, China: Falling hog prices, mounting losses and rising debt are putting pressure on the biggest pig breeders in China, ...

Wall Street loses ground Wednesday, U.D. dollar gains

NEW YORK, New York - A decline in labor costs as measured by ADP failed to boost U.S. Markets Wednesday."ADP's ...

Delhi

Section

"2 nations are now in his debt": Australian PM commends heroic rescue efforts of Arnold Dix in Uttarakhand tunnel operation

Canberra [Australia], December 8 (ANI): Addressing the Australian Parliament on Friday, Australian Prime Minister Anthony Albanese lauded the exceptional contributions ...