New Delhi: Tata
Steel's board has approved the amalgamation of seven subsidiaries with itself,
the steelmaker said in a regulatory filing to the stock exchanges on Friday.
The nod was received on Thursday at a meeting of its Board members. These seven
companies are Tata Steel Long Products, The Tinplate Company of India, Tata
Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining, and S
and T Mining Company, the same filing said.
Each scheme was reviewed and recommended to the Board by the Committee of Independent
Directors and the audit committee of the company, it added.
"Each Scheme is subject to the receipt of approval from the (a) requisite
majority of the shareholders of the respective Transferor Companies and
Transferee Company; (b) Competent Authority (as defined in each of the Schemes),
(c) SEBI (d) The National Stock Exchange of India Limited and the BSE Limited
(hereinafter collectively referred to as "Stock Exchanges"); and (e)
such other approvals, permissions and sanctions of regulatory and other
statutory or governmental authorities / quasi-judicial authorities, as may be
necessary as per applicable laws." (ANI)
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