In December 2022, Jindal Stainless received regulatory approval for its merger with Jindal Stainless (Hisar) from the National Company Law Tribunal (NCLT). The two companies had been demerged in 2015 as part of a financial and operational restructuring exercise to bring down the cost of borrowing.
Source: JSLThe company informed that it received a copy of the final order of the NCLT Chandigarh Bench, sanctioning the Composite Scheme of Arrangement under Section 66, 230-232 and other applicable provisions of the Companies Act, 2013, amongst Jindal Stainless Limited (JSL), Jindal Stainless (Hisar) Limited (JSHL), JSL Lifestyle Limited (JSLLL), JSL Media Limited (JML), Jindal Stainless Corporate Management Services Private Limited (JSCMS) and Jindal Lifestyle Limited (JLL) and their respective shareholders and creditors.
u201cThis is to inform you that the NCLT while hearing the composite scheme of the arrangement, inter-alia, providing for the merger of Jindal Stainless (Hisar) Limited with Jindal Stainless Limited, has on 22nd December 2022, confirmed that there were no objections to the Scheme, pending from any person, including the sectoral regulators, Jindal Stainless Hisar had informed in the exchange filing.
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