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Tata Steel shares in news as merger with The Tinplate Company of India operative from today

Jun. 19, 2024

Tata Steel shares in news as merger with The Tinplate Company of India operative from today


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.

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