The National Company Law Tribunal has sanctioned the amalgamation of Tata Metaliks Ltd into its parent Tata Steel, which led to the cancellation of board meeting ahead of financial results announcement of the subsidiary firm. According to a regulatory filing by Tata Metaliks, the board meeting, scheduled for January 12, to declare company’s financial results has been cancelled.
The National Company Law Tribunal (NCLT) Mumbai on Thursday pronounced the order sanctioning the scheme of amalgamation amongst Tata Metaliks into parent Tata Steel Ltd, the company said.
“With the pronouncement of the order…the financial results of Tata Metaliks for the quarter and nine months ended December 31, 2023, shall be considered along with the financial results of Tata Steel,” the filing said.
Shares of Tata Metaliks were trading 0.96 per cent higher at Rs 1,067.55 apiece on the BSE.
Source: Economic Times