On Monday, Tata Steel Ltd announced the operationalization of the amalgamation scheme with The Tinplate Company of India Limited, effective January 15. The record date for determining shareholders entitled to receive fully paid-up ordinary equity shares of Tata Steel, as per the share exchange ratio outlined in the scheme, was set for Friday, January 19, 2024. Following the merger, The Tinplate Company of India Limited has been amalgamated into Tata Steel and dissolved without undergoing winding up, starting from the effective date. Consequently, the key managerial personnel (KMP) of The Tinplate Company of India Limited will no longer hold their positions. The disclosure was made in a separate filing to stock exchanges by The Tinplate Company of India Limited.
Tata Steel reported that the certified copies of the NCLT Mumbai Order and NCLT Kolkata Order were filed today, January 15, 2024, with the Ministry of Corporate Affairs, Government of India. This filing was done in accordance with Section 232(5) of the Companies Act, 2013, read with Rule 25(7) of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, after fulfilling the conditions specified in Clause 9.1(h) (Definition of Effective Date) and Clause 22 (Scheme conditional upon) of the Scheme of Amalgamation. As a result, the Scheme of Amalgamation has officially become operative as of January 15, 2024, marking the ‘Effective Date’ mentioned in Clause 8 (Effectiveness of the Scheme) and Clause 9.1(h) of the Scheme of Amalgamation.
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