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Steel Strips to Merge with SAB Industries

Steel News - Published on Thu, 04 Jul 2019

Image Source: Justdial
The board of directors approved the Scheme of Amalgamation for Steel Strips Limited with SAB Industries Limited. The Appointed Date for Amalgamation under the Scheme is 1st April, 2019. SSL was engaged in the manufacturing of steel billets, ingots, rounds and flats etc. However, the steel business of the company could not survive due to severe recession in Steel industry and its previous activities becoming un-competitive. At present Company is neither having any manufacturing activity nor carrying any operations.

The Company said that "Every Shareholders / Members of Transferor Company holding 350 (Three Hundred Fifty) Equity Shares of INR 10 each fully paid up in the Transferor Company will get 1 (One) Equity shares of INR 10 each fully paid up in Transferee Company.

The Scheme shall be subject to the approval of the Shareholders, Creditors, Securities and Exchange Board of lndia, Reserve Bank of India, the Stock Exchanges where equity shares of the Company are listed, the Income Tax Authorities, the Registrar, Official Liquidator, the National Company Law Tribunal, and / or such other competent Statutory / Regulatory Authorities as may be required under applicable law.

Source :

Posted By : Ratan Singh on Thu, 04 Jul 2019
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