Tata Steel Long Products Limited (TSLP) informed the exchanged Wednesday that it received a letter from SEBI Letter on Tuesday, through BSE Limited, stating that SEBI has returned the Scheme document, observing that the Scheme of amalgamation of The Indian Steel and Wire Products Limited (ISWP) into and with TSLP and their respective shareholders is in noncompliance with Securities law provisions.
No further reason for return of the Scheme has been provided in the SEBI Letter, company said.
The company had disclosed on November 13, 2020 the decision of the Board of Directors of the company approving the aforesaid Scheme which envisaged the amalgamation and consolidation of the businesses of the ISWP into and with the company and their respective shareholders.
“The company had applied to stock exchanges on November 14, 2020 to obtain an Observation Letter or No Objection letter and had provided all documents and clarifications as has been requested or required by the stock exchanges from time to time,” it said.
At around 1.54 pm, Tata Steel Long Products Ltd was trading at Rs947.90 per piece up Rs5.50 or 0.58% on the BSE.