Visa Steel’s Board of Directors at its meeting held on August 12, 2013 has approved the Scheme of Arrangement between the Company and VISA Special Steel (VSSL) and their respective shareholders and creditors, for transfer of Special Steel Undertaking of the Company to VSSL on a going concern basis with the effect from April 1, 2013 (the appointed date).
VSSL is a wholly owned subsidiary of the Company in terms of Section 4 (i) (c) of the Companies Act, 1956 (the Act). The proposed Scheme does not involve any movement of assets or liabilities to any company outside the ownership and control of the VISA Steel Group.
The Scheme of Arrangement is pursuant to the provisions of Sections 391 to 394 and other applicable provisions of the Act and is subject to approval of shareholders, High Court of Judicature at Orissa and other statutory and regulatory authorities including but not limited to Stock Exchanges.
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.
