Tata Steel today said the Bombay High Court had approved the amalgamation of Centennial Steel Company (CSCL) with the company.
"The petition filed by CSCL in the High Court of Bombay has been approved and the scheme of Amalgamation has been sanctioned with effect from appointed date i.e. April 1, 2011," Tata Steel said in a filing to the Bombay Stock Exchange (BSE).
As per the scheme, with CSCL becoming a wholly-owned subsidiary of Tata Steel, all the shares of CSCL woudl stand cancelled.
"...We have filed the orders approving the Scheme of Amalgamation with the Registrar of Companies... Therefore the effective date as per the scheme of amalgamation shall be September 27, 2011," the filing said.
In April, the board of directors of Tata Steel and CSCL had approved the scheme of amalgamation.
"[The board)... approved amalgamation of CSCL with the company with effect from April 1, 2011," Tata Steel had said in a regulatory filing in April.
Shares of Tata Steel rose nearly 1% to close at Rs 439.15 on the BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app