Visa Steel has received an approval for Scheme of Amalgamation of Kalinganagar Metcoke with itself, 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 is a wholly owned subsidiary of VISA Steel.
The merger being of a 100% subsidiary company with VISA Steel, a specific dispensation will be sought from the High Court of Judicature at Orissa, Cuttack from filing the application / petition by VISA Steel and accordingly, VISA Steel 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.
The board of company at its meeting held on April 20, 2013 has approved for the same.
VISA Steel is a leading player in the Special Steel, Coke and Ferro Chrome industry in India with manufacturing facilities located at Kalinganagar Industrial Complex in Odisha.
