The Tinplate Company of India Ltd. has received approval from the National Company Law Tribunal, Kolkata bench, for its merger into Tata Steel Ltd.
The decision is binding for both companies and their stakeholders, including shareholders and creditors.
The plan involves transferring all the properties and rights of The Tinplate Company to Tata Steel. Similarly, the responsibilities and debts of The Tinplate Company will now be taken care of by Tata Steel. Any ongoing legal matters involving The Tinplate Company of India will continue with Tata Steel.
Certain paperwork, like a list of assets owned by The Tinplate Company, needs to be submitted within 60 days. Both companies have 30 days to share copies of the approval order with a specific government office.
According to the plan, The Tinplate Company will be dissolved, which essentially means it will cease to exist as a separate company.
The authorities and everyone involved are required to follow the decisions made in this plan. If needed, The Tinplate Company can still ask for further guidance from the legal authority.
The companies involved must also provide clear printouts of their plan and asset list to the legal registry for verification.
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