Shareholders and creditors of JSL and JSHL approve the merger ‘Scheme of Arrangement’ by a majority

Companies to file the second motion application with Hon’ble NCLT

April 26, 2022, New Delhi: The ongoing merger process of Jindal Stainless Limited (JSL) and Jindal Stainless (Hisar) Limited (JSHL) achieved another milestone. As per regulatory requirement, the Companies convened meetings of their shareholders and creditors for approving the Scheme of Arrangement between the two Companies. The Scheme was approved by an overwhelming majority. 

Taking note of this crucial accomplishment, Managing Director, Jindal Stainless, Mr Abhyuday Jindal said, “We are happy that our shareholders and creditors have approved the Scheme of Arrangement for JSL-JSHL merger by an overwhelming majority. This is a testimony to their confidence that the merger is value-accretive for all stakeholders of both the Companies. We’ll continue to complete the further processes and hope to complete the merger in FY23.”

The meetings to approve the Scheme of Arrangement were organised on April 23, pursuant to the order pronounced by the Hon’ble National Company Law Tribunal (NCLT), Chandigarh Bench. The Companies will now file the second motion application with the Hon’ble NCLT.