<p>The ongoing merger process of Jindal Stainless Limited & Jindal Stainless (Hisar) Limited has achieved another milestone. As per regulatory requirement, the Companies convened meetings of their shareholders and creditors for approving the Scheme of Arrangement between the two Companies. The Scheme was approved by an overwhelming majority. Jindal Stainless Managing Director Mr Abhyuday Jindal said “We are happy that our shareholders and creditors have approved the Scheme of Arrangement for JSL-JSHL merger by an overwhelming majority. This is a testimony to their confidence that the merger is value-accretive for all stakeholders of both the Companies. We’ll continue to complete the further processes and hope to complete the merger in FY23.”</p><p>The meetings to approve the Scheme of Arrangement were organized on April 23, pursuant to the order pronounced by the National Company Law Tribunal, Chandigarh Bench. The Companies will now file the second motion application with the NCLT.</p><p>Jindal Stainless Limited owns and operates 1.1 million tonne per annum stainless steel plant in Jajpur in Odisha while Jindal Stainless (Hisar) Limited has a total melting capacity of 0.8 million tonne per annum</p>
<p>The ongoing merger process of Jindal Stainless Limited & Jindal Stainless (Hisar) Limited has achieved another milestone. As per regulatory requirement, the Companies convened meetings of their shareholders and creditors for approving the Scheme of Arrangement between the two Companies. The Scheme was approved by an overwhelming majority. Jindal Stainless Managing Director Mr Abhyuday Jindal said “We are happy that our shareholders and creditors have approved the Scheme of Arrangement for JSL-JSHL merger by an overwhelming majority. This is a testimony to their confidence that the merger is value-accretive for all stakeholders of both the Companies. We’ll continue to complete the further processes and hope to complete the merger in FY23.”</p><p>The meetings to approve the Scheme of Arrangement were organized on April 23, pursuant to the order pronounced by the National Company Law Tribunal, Chandigarh Bench. The Companies will now file the second motion application with the NCLT.</p><p>Jindal Stainless Limited owns and operates 1.1 million tonne per annum stainless steel plant in Jajpur in Odisha while Jindal Stainless (Hisar) Limited has a total melting capacity of 0.8 million tonne per annum</p>
