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| Exchange Disseminated Time | With reference to approval of the Board of the Company (SAIL) and the Ministry of Steel, Government of India to the Scheme of Amalgamation of Maharashtra Elektrosmelt Ltd (MEL) with Steel Authority of India Ltd (SAIL), Steel Authority of India Ltd has now informed BSE as under :
"2.0 The Ministry of Corporate Affairs (MCA), New Delhi vide its letter dated June 14, 2011 has now forwarded the Order of the Central Government sanctioning the Scheme of Amalgamation of Maharashtra Elektrosmelt Ltd (MEL) with Steel Authority of India Ltd (SAIL) under Section 391-394 of the Companies Act, 1956. In line with the directions of the MCA to file a copy of the Order with the Registrar of Companies within 30 days of the receipt thereof, the Order has been filed with the Registrar of Companies at Mumbai and Delhi by MEL on July 12, 2011 and by SAIL on July 13, 2011 respectively. With the filing of the Order, the amalgamation has been effective and MEL has been dissolved.
3.0 In terms of the Scheme, the shareholders of MEL are entitled to receive fully paid-up equity shares of SAIL in the share exchange ratio of 1:1.7 i.e. for every 1.7 fully paid-up equity shares of Rs. 10 each held in MEL, every shareholder of MEL shall without any application, act or deed, be entitled to receive 1 fully paid-up equity share of Rs. 10 of SAIL, as consideration for this Scheme. Since SAIL cannot issue shares to itself, no consideration shall be paid and no shares shall be allotted by SAIL to itself as consideration. Further, the Board of Directors of SAIL shall determine a Record Date, for ascertaining the shareholders of MEL to whom fully paid-up equity shares of SAIL are to be issued and allotted as consideration for this Scheme.
A Board Meeting of SAIL is scheduled to be held on July 29, 2011, where a decision on the Record Date would be taken." |
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