23 April 2013

TATASTEEL AND TATAMETALIKS:DEAL

Tata Steel Limited has informed the Exchange vide letter dated April 10, 2013, regarding "Amalgamation of Tata Metaliks Limited and Tata Metaliks Kubota Pipes Limited with Tata Steel Limited".Tata Metaliks Ltd (TML) has informed BSE that the Board of Directors of the Company i.e. TML and the Committee of Directors of Tata Steel Ltd (TSL), have at their respective meetings held on April 10, 2013, based on the recommendations of their Audit Committee, approved the amalgamation of TML with TSL with effect from April 01, 2013. TML will be amalgamated with TSL followed by the dissolution of the Company without winding up...
The shares held by TSL in TML shall get extinguished and the public shareholders of TML shall be issued shares of TSL in the ratio of 4 (four) equity shares of Rs. 10/- each of TSL for every 29 (twenty nine) equity shares of Rs. 10/- each of TML in terms of the Scheme.Further the Company has informed that Tata Metaliks Kubota Pipes Limited ("TMKPL"), subsidiary of the company at their meeting held on April 10, 2013 has also approved the amalgamation of their company with TSL.
Change in directorate.
1. Mr. Sanjiv Paul has been appointed as an Additional Director in the Board w.e.f. March 30, 2013;

2. Mr. Sanjiv Paul has been appointed as the Managing Director of the Company w.e.f. April 01, 2013;

3. Mr. D. P. Deshpande has relinquished his Executive position in the Board and will continue to act as a Non-Executive Director w.e.f. April 01, 2013; and

4. Mr. Ashok Kumar has resigned from the Board w.e.f. March 30, 2013.

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