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Shareholders, creditors of Jindal Steel & JSHL approve merger scheme
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SME Times News Bureau | 26 Apr, 2022
The ongoing merger process of Jindal Stainless Limited (JSL) and Jindal
Stainless (Hisar) Limited (JSHL) has achieved another milestone as they
convened meetings of their shareholders and creditors for approving the
Scheme of Arrangement between the two companies.
Notably, the scheme of merger was approved by an overwhelming majority, it said in a statement.
The
meetings to approve the Scheme of Arrangement were organised on April
23, pursuant to the order pronounced by the National Company Law
Tribunal (NCLT), Chandigarh Bench.
The companies will now file the second motion application with the tribunal, it said in the statement.
Taking
note of this crucial accomplishment, Managing Director of Jindal
Stainless, Abhyuday Jindal, said: "We are happy that our shareholders
and creditors have approved the Scheme of Arrangement for the JSL-JSHL
merger by an overwhelming majority. This is a testimony to their
confidence that the merger is value-accretive for all stakeholders of
both the Companies."
Abhyuday Jindal added it will continue to complete the further processes and hope to complete the merger in FY23.
Founded
by O.P. Jindal in 1970, Jindal Stainless is among the largest stainless
steel manufacturing companies in India and ranks among the top 10
stainless steel manufacturers in the world.
It has two stainless
steel manufacturing complexes in India, in the states of Haryana and
Odisha, with an overseas unit in Indonesia.
The company's
products range from stainless steel slabs, blooms, coils, plates,
sheets, precision strips, blade steel, and coin blanks.
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