India’s National Company Law Tribunal (NCLT) has granted approval to The Tinplate Company of India Limited (TTCIL) to merge itself with Tata Steel Limited, a company statement said on Wednesday, January 3.
The merger plan approved by NCLT provides for transferring all the properties and rights of TTCIL to Tata Steel. Similarly, the responsibilities and debts of TTCIL will be taken care of by Tata Steel. Any ongoing legal matters involving TTCIL, a subsidiary of Tata Steel, will continue with the latter.
According to the plan, The Tinplate Company will be dissolved, which essentially means it will cease to exist as a separate company.