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Srikalahasthi Pipes soars ~4% after NCLT Amravati approves its Scheme of Amalgamation with Electrosteel Castings

The corresponding order of the NCLT, Cuttack Bench in relation to Electrosteel Castings, is awaited, the company said.

November 24, 2021 9:59 IST | India Infoline News Service
National Company Law Tribunal (NCLT) Amravati bench has approved the Scheme of Amalgamation of Srikalahasthi Pipes Limited with Electrosteel Castings with effect from the appointed date of October 1, 2020.

The company stock was bullish on Wednesday and at around 10.03 am, Srikalahasthi Pipes Ltd was trading at Rs195.65 per piece up by Rs7.15 or 3.79% from its previous closing of Rs188.50 per piece on the BSE.

“The National Company Law Tribunal, Amaravati Bench has vide its order dated November 22, 2021, approved the Scheme of Amalgamation of the Company with Electrosteel Castings Limited (transferee company) with effect from the Appointed Date of October 1, 2020.

The corresponding order of the NCLT, Cuttack Bench in relation to the Transferee Company, Electrosteel Castings Limited, is awaited,” company said in a filing on Tuesday.

The Scheme will become effective upon filing of the certified copy of the orders of the NCLT Amaravati Bench and Cuttack Bench with the respective Registrar of Companies.

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