Tata Steel-Kalimati amalgamation may be cancelled

The boards of Tata Steel and Kalimati have approved extending the validity of their respective resolutions related to amalgamation.
The proposal for amalgamating Kalimati with Tata Steel is yet to receive approval from the Bombay High Court.
"Board of Directors of the Company and Kalimati have at their respective board meetings held on March 10, 2014, passed the resolutions extending the long-stop date of the Scheme by one year, ie from March 31, 2014 to March 31, 2015," Tata Steel said in a filing at BSE.
Tata Steel had announced amalgamation of Kalimati in April and the deal was expected to be completed by January.

The company said informed BSE amendment in amalgamation clause which called for cancellation of the deal if the "Scheme failing to take effect by March 31, 2014 or such later date."
Shares of Tata Steel closed Rs 364.25 apiece, down 1.62 per cent, at the BSE today.