TATA STEEL LTD. - Extension of the long-stop date of the Scheme of Amalgamation
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| 10 Mar 2014 | |
| With reference to the earlier announcement dated April 10, 2013 regarding amalgamation of Kalimati with the Company under the Scheme of Amalgamation pursuant to Sections 391-394 of the Companies Act, 1956, Tata Steel Ltd has now informed BSE that:<br/><br/>Since then, the Company has taken various steps to complete the amalgamation of Kalimati with the Company. Currently, the Scheme of Amalgamation is pending for final hearing before the Bombay High Court.<br/><br/>Clause 15.C of the Scheme of Amalgamation reads as under:<br/><br/>"In the event of this Scheme failing to take effect by March 31, 2014 or such later date as may be agreed by the respective Boards of Directors of the Transferor Company and the Transferee Company, this Scheme shall stand revoked, cancelled and be of no effect and become null and void, and in that event, no rights and liabilities shall accrue to or be incurred inter se between the parties or their shareholders or creditors or employees or any other person. In such case, each of the Transferor Company and the Transferee Company shall bear its own costs and expenses or as may be otherwise mutually agreed."<br/><br/>Pursuant to the aforesaid clause, the Board of Directors of the Company and Kalimati have at their respective board meetings held on March 10, 2014, passed the resolutions extending the long-stop date of the Scheme by one year, i.e. from March 31, 2014 to March 31, 2015. | |
| View all announcements for TATA STEEL LTD. | Source: BSE India |
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