Tata Steel Limited, one of India's largest steel manufacturing companies announced mega internal restructuring of its subsidiaries which will inter-alia usher in consolidation.
Over a period, Tata Steel Limited expanded its operations through greenfield & brownfield acquisitions. Like any other large steel companies, it also grabbed the opportunity of acquiring distress company under BIFR (Board for Industrial and Financial Reconstruction) & IBC (Insolvency & Bankruptcy Code, 2016).
In one of the very first acquisitions under IBC, Tata Steel Limited acquired Bhushan Steel Limited which was later merged with Tata Steel Limited.
These various acquisitions paved the way for Tata Steel Limited to expand its business into value added products and providing integration to its core business.
Finally, in a move to simplify its corporate structure and reduce number of listed entities, Tats Steel Limited announced a Scheme of Amalgamation which will merge subsidiaries/associates into Tata Steel Limited.
Tata Steel Limited ("TSL" or "Transferee Company") is primarily engaged in the business of manufacturing steel and offers a broad range of steel products including a portfolio of high value-added downstream products such as hot rolled, cold rolled and coated steel, rebars, wire rods, tubes, and wires. The equity shares of the company are listed on nationwide bourses. The registered office of TSL is located in the state of Maharashtra.
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\"The resulting merged listed entity will be called Aster DM Quality Care Limited\"
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ITAT held that the reserve created on amalgamation is capital in nature and not taxable as perquisite
Recently, the Income Tax Appellate Tribunal, Mumbai held that the reserve created on amalgamation is capital in nature and not taxable as perquisite.
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Valor Estate Limited: "Diversification" to "Sepration" of Hospitality Business
âFrom investments in hospitality business, the demerger transaction will enable VEL to start its construction in hospitalityâ
