Tata Steel had earlier approved Friday, January 19, 2024, as the record date for the purpose of determining the shareholders of The Tinplate Company of India who would be entitled to receive shares of the steelmaker.Tata Steel Ltd on Monday said the scheme of amalgamation with The Tinplate Company of India Limited has become operative on and from January 15. Tata Steel had earlier approved Friday, January 19, 2024, as the record date for the purpose of determining the shareholders of The Tinplate Company of India who would be entitled to receive fully paid-up ordinary equity shares of Tata Steel in the share exchange ratio, as per the scheme of amalgamation.
With the merger coming into effect, The Tinplate Company of India Limited stands amalgamated into and with Tata Steel and dissolved without being wound up on and from the effective date and accordingly, the key managerial personnel (KMP) of TCIL shall cease to hold their positions and cease to be the KMPs of TCIL, The Tinplate Company of India informed stock exchanges in a separate filing.
"We wish to inform you that, after fulfilling all the conditions specified in Clause 9.1(h) (Definition of Effective Date) read with Clause 22 (Scheme conditional upon) of the Scheme of Amalgamation, the company and TCIL have today, i.e., January 15, 2024, filed the certified copy of the NCLT Mumbai Order and NCLT Kolkata Order respectively, with the Ministry of Corporate Affairs, Government of India. The filing has been made in compliance with Section 232(5) of the Companies Act, 2013 read with Rule 25(7) of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016," Tata Steel said.
"Accordingly, in terms of Clause 8 (Effectiveness of the Scheme) read with Clause 9.1(h) (Definition of Effective Date) of the Scheme of Amalgamation, the Scheme of Amalgamation has become operative on and from today i.e., January 15, 2024 (‘Effective Date’). In terms of the Scheme of Amalgamation, TCIL stands amalgamated into and with the Company and dissolved without being wound up, on and from the Effective Date," Tata Steel added.
Also read: Stock recommendations by analyst for January 15, 2024: BoI, L&T and Sonata Software
Also read: Jio Financial Services to share Q3 results today; JFS stock up 9% in January
EPFO rolls out 6-month Amnesty Scheme to regularise exempted PF trusts
Astra Mk-2 leads the way: Centre throws open missile production to private firms
Where is monsoon? IMD sees no widespread revival over India for the next week
'Deeply worrisome': MEA condemns attack on commercial vessel off Oman, says 10 Indians rescued, one missing
'India needs much larger oil reserves': Montek Singh Ahluwalia as Hormuz crisis returns
Is Tier-2 & Tier-3 India Driving Luxury Growth?
Dalal Street Outlook: Is India Entering Its Next Bull Market?
FM Sitharaman’s 7-Point Plan To Make India The Global Tech Hub
Harish Krishnan's Top Investment Themes For The Next 3 Years
Stock Market Volatility Explained: Krishnan on Micro Investing Over Macro Panic
Vedanta Aluminium Metal shares: Nuvama expects 21% upside, 29% EBITDA CAGR likely through FY28
Suzlon Energy, Inox Wind: Share price targets, Q1 results preview 
India's largest AMC is coming to market. But why is SBI Funds IPO cheaper than its listed peers?
Is India's IPO pipeline creating a new generation of investor-ready startups?
4 Nifty FMCG stocks to buy after 32% selloff: What past 4 big falls since 2004 hint at
