Date:09/11/2005 URL: http://www.thehindubusinessline.com/2005/11/09/stories/2005110902250203.htm

Back IISCO-SAIL merger put to vote

Our Bureau

NEW DELHI: The scheme of amalgamation of Indian Iron & Steel Co Ltd (IISCO) with the Steel Authority of India Ltd (SAIL) was put to vote on Tuesday. The outcome of the poll will be made public after the Chairman submits his report to the Ministry of Company Affairs (MoCA).

Following Government approval in June 2005, and subsequent clearance given by the Board of Industrial & Financial Reconstruction (BIFR) to the Ministry of Steel's proposal for the amalgamation, the matter had been referred to the MoCA. The MoCA had directed SAIL to hold its shareholders' meeting to obtain their consent for the proposed amalgamation under the provisions of Article 391-94 of the Companies Act, 1956. It had also nominated Mr V.S. Jain, Chairman, SAIL, as the chairman of the meeting.