Tata Steel shares news as its merger with The Tinplate Company of India comes into effect from today

Tata Steel Ltd on Monday said its merger plan with The Tinplate Company of India Limited has come into effect on and from January 15. Tata Steel had earlier approved Friday, January 19, 2024 as the record date for identifying the shareholders of The Tinplate Company of India who would be entitled to fully paid ordinary shares of Tata Steel in the share exchange ratio under the Plan of Merger.

With effect of the merger, The Tinplate Company of India Limited will be merged into and with Tata Steel and will be dissolved without being wound up from the effective date and accordingly the Key Managers (KMPs) of TCIL will cease to hold their positions and will no longer be the KMPs of TCIL, The Tinplate Company of India told the exchanges in a separate filing.

“We wish to inform you that the Company and TCIL upon satisfaction of all the conditions set out in Clause 9.1(h) (Definition of Effective Date) and Clause 22 (Scheme Subject to) of the Plan of Merger today i.e. January 15, 2024, the certified copy the NCLT Mumbai Order and the NCLT Kolkata Order respectively filed with the Ministry of Corporate Affairs, Government of India. The filing was made in accordance with Section 232(5) of the Companies Act, 2013 “Consult Rule 25(7) of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016,” Tata Steel said.

“Accordingly, the Plan of Merger in terms of Clause 8 (Effectiveness of the Plan) read in conjunction with Clause 9.1(h) (Definition of Effective Date) of the Plan of Merger has become effective from today, that is, January 15, 2024 (“Effective Date”) . As per the terms of amalgamation, TCIL is merged with the company from the effective date and will be dissolved without being liquidated,” Tata Steel added.

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