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| Exchange Disseminated Time | Visa Steel Ltd has informed BSE that the Board of Directors of the Company vide Resolution passed by Circulation on April 20, 2013, considered and approved the Scheme of Amalgamation of Kalinganagar Metcoke Private Limited with VISA Steel Limited (the ‘Scheme’), and their respective shareholders and creditors, under Sections 391 to 394, and other applicable provisions, if any of the Companies Act, 1956. No shares are proposed to be issued pursuant to the Scheme since Kalinganagar Metcoke Private Limited is a wholly owned subsidiary of VISA Steel Ltd.
The merger being of a 100% subsidiary company with VISA Steel Ltd, a specific dispensation will be sought from the Hon’ble High Court of Judicature at Orissa, Cuttack from filing the application / petition by VISA Steel Limited and accordingly, VISA Steel Limited will not be required to file a petition with any High Court. The Scheme is subject to sanction of High Court of Judicature at Orissa, Cuttack. |
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