CURRENT AFFAIRS

Detailed explanation-1: -This will boost employment and the economy even more.” As per the deal, Bamnipal Steel, a wholly owned subsidiary of Tata Steel, will get a 72.65% stake in Bhushan Steel, while lenders will own 12.27% in it and the balance will be held by existing shareholders.

Detailed explanation-2: -Post regulatory approvals, the company announced that Tata Steel BSL (listed entity) will be amalgamated with Tata Steel at the ratio of 15:1. This means, for every 15 shares of Tata Steel BSL, the investor will receive 1 share of Tata Steel.

Detailed explanation-3: -Tata Steel Ltd. (TSL) acquired Bhushan Steel Ltd in the year 2018 under the Insolvency and Bankruptcy Code (IBC) of 2016 and renamed it Tata Bhushan Steel Ltd. (TBSL). Tata Steel has acquired a 72.65% share in BSL and paid the accepted corporate bankruptcy expenses as well as employee dues, as required by the IBC.

Detailed explanation-4: -Tata Steel Ltd. (TSL) acquired Bhushan Steel Ltd under Insolvency and Bankruptcy Code (IBC), 2016 in the year 2018 and named as Tata Bhushan Steel Ltd. (TBSL).

Detailed explanation-5: -The Board of Tata Steel BSL at its meeting held on 02 November 2021 has taken on record the order dated 29 October 2021 of the Hon’ble National Company Law Tribunal, Mumbai sanctioning the scheme of amalgamation of Bamnipal Steel and Tata Steel BSL into and with Tata Steel.