Team News Riveting
Mumbai, September 13
The Board of Directors of Electrosteel Castings Limited (ECL) and Srikalahasthi Pipes Limited (SPL) at their respective Board Meetings held on October 5, 2020 had approved the Draft Scheme of Amalgamation and the former is hopeful to complete the process soon.
“Final consent of NCLT (National Company Law Tribunal), Cuttack Bench and NCLT, Amravati Bench sanctioning the proposed Scheme is pending which will be received shortly for completion of the merger process,” ECL said in a regulatory filing today.
Ashutosh Agarwal, Executive Director (Group Finance) and CFO of the Company, informed that the Competition Commission of India had accorded their approval to the aforesaid Scheme on 27th November 2020.
Both the Stock Exchanges, i.e., National Stock Exchange of India Limited and BSE Limited have issued their ‘Observation Letter for Draft Scheme of Amalgamation of Srikalahasthi Pipes
Limited and Electrosteel Castings Limited and their respective Shareholders & Creditors’ dated 25th February 2021 to the respective applications filed by both the Companies.
Pursuant to the Order of the National Company Law Tribunal (‘NCLT’), Amravati Bench, Meetings of Equity Shareholders, Secured Creditors and Unsecured Creditors of SPL was held on 16th June 2021. The Equity Shareholders, Secured Creditors and Unsecured Creditors had approved the Scheme by way of requisite majority.
Pursuant to the Order of the NCLT, Cuttack Bench, Meetings of Equity Shareholders, Secured Creditors and Unsecured Creditors of ECL was held on September 10, 2021. The Equity
Shareholders, Secured Creditors and Unsecured Creditors had approved the Scheme by way of requisite majority.
