Ministry of Company Affairs sanctions Merger of IBP Co Ltd with IndianOil (IOC)

Indian Oil Corporation Ltd (IOC) has announced that the Ministry of Company Affairs (the competent authority to approve mergers of Govt. Companies) has vide their Order dated April 30, 2007 sanctioned the Scheme of Amalgamation for merger of IBP Co. Ltd. (a subsidiary of IndianOil) with the Company under Section 391(2) read with Section 394 of the Companies Act, 1956. The Scheme of Amalgamation provides for a swap ratio of 110 : 100 i.e. 110 equity shares of Rs 10/- each of IndianOil (the Transferee Company) as fully paid for every 100 equity shares of Rs 10/- each of IBP Co. Ltd. (the Transferor Company). The Record Date for this purpose shall be notified shortly.

Consequent upon filing of the Order of Amalgamation with the Registrar of Companies in Mumbai and Kolkata, IBP Co. Ltd. (Transferor Company) stands dissolved effective May 02, 2007.

Source : Equity Bulls

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