SEBI Denies Tata Steel Long Products Scheme for ISWP
Tata Steel Long Products Limited informed the BSE last week that it received a letter from SEBI Letter stating that SEBI has returned the Scheme document, observing that the Scheme of amalgamation of The Indian Steel and Wire Products Limited into and with Tata Steel Long Products and their respective shareholders is in noncompliance with Securities law provisions. No further reason for return of the Scheme has been provided in the SEBI Letter, company said.
The company had disclosed on November 13, 2020 the decision of the Board of Directors of the company approving the aforesaid Scheme which envisaged the amalgamation and consolidation of the businesses of the ISWP into and with the company and their respective shareholders. It had said “The company had applied to stock exchanges on November 14, 2020 to obtain an Observation Letter or No Objection letter and had provided all documents and clarifications as has been requested or required by the stock exchanges from time to time.”