Steel Strips Ltd to merge with SAB Industries Ltd

The Board of Directors of the Company at its meeting held on July 02, 2019 at 4.00 p.m., considered and approved the Scheme of Amalgamation (Scheme) pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, providing for the amalgamation of Steel Strips Limited (Transferor Company) with SAB Industries Limited (Transferee Company). The Appointed Date for Amalgamation under the Scheme is 1st April, 2019.

The Scheme shall be subject to the approval of the Shareholders, Creditors, Securities and Exchange Board of lndia, Reserve Bank of India, the Stock Exchanges where equity shares of the Company are listed, the Income Tax Authorities, the Registrar, Official Liquidator, the National Company Law Tribunal, and / or such other competent Statutory / Regulatory Authorities as may be required under applicable law.

SAB: it is engaged in the Construction, infrastructure, Real Estate and trading activities.

SSL: it was engaged in the Business of manufacturing of Steel Products (Steel Billets, Ingots and Special Steels in rounds and flats). However, the steel business of the Company could not survive due to severe recession in Steel industry and its previous activities becoming un-competitive. At present Company is not having any manufacturing activity nor carrying any operations.

"Every Shareholders / Members of Transferor Company holding 350 (Three Hundred Fifty) Equity Shares of Rs.10/~ (Ten) each fully paid up in the Transferor Company will get 1 (One) Equity shares of Rs.10/- (Ten) each fully paid up in Transferee Company.

Source : Equity Bulls

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