The Board of Directors of the JSW Steel approves the proposed Composite Scheme of Arrangement amongst JSW Steel Limited (“Transferee Company”), Creixent Special Steels Limited (“Transferor Company 1”) and JSW Ispat Special Products Limited (“Transferor Company 2”) and their respective shareholders and creditors (“Scheme”) under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, subject to receipt of necessary and applicable statutory and regulatory approvals.
In this regard, the company informed that the Competition Commission of India (“CCI”) has vide its letter dated August 18, 2022 communicated that it has at its meeting held on August 18, 2022 considered the proposed combination (Comb. Reg. No.: C-2022/07/953) and approved the same under Section 31(1) of the Competition Act, 2002. The order of CCI in this regard is awaited.
The Scheme remains subject to necessary statutory, regulatory, and other approvals including the approvals of the Stock Exchanges, Securities and Exchange Board of India, the National Company Law Tribunal, and the respective shareholders and creditors of the Transferor Companies and the Transferee Company, as may be required under applicable laws and regulations.