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Tata Sponge board clears shifting of registered office
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SME Times News Bureau | 19 Apr, 2019
Tata Sponge Iron, a 54.5 per cent subsidiary company of Tata Steel, on
Thursday said its board has approved shifting of the company's
registered office from Odisha to West Bengal and changing its name to
'Tata Steel Long Products Limited' or such other name.
The
company made this move of shifting its registered office along with
changing its name after it had completed acquisition of the steel
business of Kolkata-based Usha Martin Ltd (UML) earlier this month with
pending transfer of some of the assets including mines and certain land
parcels.
In a regulatory filing, Tata Sponge Iron said its board
on Thursday "approved the shifting of the registered office of the
company to West Bengal, subject to the approval of the members of the
company and other regulatory authorities, as may be applicable and
consequent amendment in the Registered Office clause of the Memorandum
of Association".
The company's 36th Annual General Meeting (AGM)
of its members is scheduled to take place on July 15 at Joda in Odisha's
Keonjhar district.
The company in the filing also said its board
approved the change in its name to "Tata Steel Long Products Limited"
or such other name, as may be approved by the Registrar of Companies,
subject to the approval of the members of the company and other
regulatory authorities, as may be applicable and consequent amendment in
name clause of Memorandum of Association.
Notably, Tata Sponge
Iron completed the acquisition of the steel business of UML on April 9
with payment of cash consideration of Rs 3,468.63 crore (after
adjustments for negative working capital and hold backs, pending
transfer of some assets including mines and certain land parcels).A
UML's
steel business includes one-million-tonne steel alloy manufacturing
plant near Jamshedpur in Jharkhand, an operative iron ore mine, a coal
mine under development and captive power plants.A
AShifting of
Tata Sponge Iron's registered office from Odisha to West Bengal would be
a significant development for the Trinamool Congress-ruled state.
AAfter
Tata Global Beverages, Tata Metaliks and Tinplate Company of India
(TCIL), it would be a new entrant of the list of Tata companies whose
registered office would be in Bengal.
Tata Steel, in September
last year, had executed definitive agreements with the Kolkata-based UML
for the acquisition of the latter's steel business.
ATata Sponge
Iron's net profit for the fourth quarter ended March 31 stood at Rs
24.39 crore, down 47.76 per cent year-on-year and its revenue from
operations, during the March quarter this fiscal grew 4.34 per cent
year-on-year at Rs 254.07 crore.
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