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Tata Steel calls off TML and DI Pipes merger

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8 years ago

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tata steelMumbai:Tata Steel’s board on Tuesday approved a proposal to file an application before the Bombay High Court,o seeking recall of the scheme of amalgamation between Tata Metaliks (TML) and Tata Metaliks DI Pipes Limited with the steel producer.

The scheme of amalgamation was earlier sanctioned by the Bombay High Court on August 21, 2015.

“…its committee of directors approved the proposal of the company to file appropriate application before the hon’ble high court of Bombay seeking recall of the order dated August 21, 2015 sanctioning the scheme of amalgation between the Tata Metaliks Limited and Tata Metaliks DI Pipes Limited with the company,” the steel maker said in a statement.

The scheme is currently not effective as the petition filed by TML in the Calcutta High Court for approval of the scheme is pending disposal, it said.

Accordingly, TML has been advised to consider withdrawing the scheme with a leave to re-file for a fresh scheme for merger of Tata Metaliks DI Pipes with TML.

“The decision is based on careful consideration of various factors including inordinate delay in obtaining requisite regulatory and statutory approvals along with significant dilution in the intended synergies that were envisaged in April 2013,” said company’s group executive director ((Finance & Corporate) Koushik Chatterjee.

Tata Steel will continue to support TML and the latter will continue to operate as a subsidiary of the company, he added.

The scheme was earlier recommended by the committee of directors in April 2013 and approved by the members of the company at the court convened meeting held in May 2014, the statement said.

“In terms of the scheme, the swap ratio for public shareholders was four equity shares of Rs 10 each of Tata Steel for every 29 equity shares of Rs.10 each held in TML,” it said.

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Apple is giving a huge discount on its gadgets: Details inside

Published

2 years ago

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May 5, 2022

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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