Tata Steel receives tribunal approval for subsidiary merger
Mumbai - Tata Steel Limited received confirmation from the National Company Law Tribunal in Mumbai on Wednesday to proceed with the merger of its wholly-owned subsidiary, Rujuvalika Investments Limited. The tribunal issued an order endorsing the scheme of amalgamation between Tata Steel and Rujuvalika Investments Limited under the Companies Act, 2013, Sections 230 to 232.
The proposed merger involves the transfer of Rujuvalika Investments Limited into Tata Steel, the receiving company. The company announced the proposed amalgamation on July 31, 2024, filing the scheme under the Companies Act and relevant regulations. Tata Steel disclosed the move in line with Regulation 30 and Regulation 51 of the Securities and Exchange Board of India's Listing Obligations and Disclosure Requirements Regulations, 2015.
The tribunal's order can be found on their Mumbai Bench website. Both companies have jurisdiction over the merger.
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