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| Exchange Disseminated Time | Visa Steel Ltd has informed BSE regarding Outcome of Board Meeting held on August 12, 2013.
"In furtherance to the in-principle approval accorded by the Board of Directors of the Company at their meeting held on May 29, 2013, for restructuring the Special Steel undertaking of the Company through subsidarisaton, the Board of Directors of the Company at its 89th meeting held on August 12, 2013, had considered and approved the Scheme of Arrangement between the Company and VISA Special Steel Limited ("VSSL") and their respective shareholders and creditors ("Scheme"), for transfer of Special Steel Undertaking of the Company to VSSL on a going concern basis w.e.f. April 01, 2013 (the appointed date).
VSSL is a wholly owned subsidiary of the Company in terms of Section 4 (i) (c) of the Companies Act, 1956 (the Act). The proposed Scheme does not involve any movement of assets or liabilities to any Company outside the ownership and control of the VISA Steel Group.
The Scheme of Arrangement is pursuant to the provisions of Sections 391 to 394 and other applicable provisions of the Act and is subject to approval of shareholders, High Court of Judicature at Orissa and other statutory and regulatory authorities including but not limited to Stock Exchanges". |
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