Tata Steel today said the Bombay High Court had approved the amalgamation of Centennial Steel Company (CSCL) with the company.
"The petition filed by CSCL in the High Court of Bombay has been approved and the scheme of Amalgamation has been sanctioned with effect from appointed date i.e. April 1, 2011," Tata Steel said in a filing to the Bombay Stock Exchange (BSE).
As per the scheme, with CSCL becoming a wholly-owned subsidiary of Tata Steel, all the shares of CSCL woudl stand cancelled.
"...We have filed the orders approving the Scheme of Amalgamation with the Registrar of Companies... Therefore the effective date as per the scheme of amalgamation shall be September 27, 2011," the filing said.
In April, the board of directors of Tata Steel and CSCL had approved the scheme of amalgamation.
"[The board)... approved amalgamation of CSCL with the company with effect from April 1, 2011," Tata Steel had said in a regulatory filing in April.
Shares of Tata Steel rose nearly 1% to close at Rs 439.15 on the BSE.
