Can you share your findings about the ISMT promoters? I did a brief reading, and see below:
- Kirloskar Ferrous Industries Limited (KFIL) acquired majority stake in the Share Capital of ISMT, making ISMT a subsidiary of KFIL w.e.f March 10, 2022.
- Some SFIO related investgation details are in this link – SFIO against ISMT Ltd. before NCLT Mumbai
- ISMT Board at its meeting held on November 4, 2022 which was adjourned to November 5, 2022 has approved a draft Scheme of Arrangement and Merger between the Company (Transferor Company) and Kirloskar Ferrous Industries Limited (KFIL/ Transferee Company). Pursuant to the said Scheme and upon receipt of all the requisite approvals, 17 fully paid up equity shares of face value of Rs. 5/- each of KFIL will be allotted for every 100 fully paid up equity shares of face value of Rs. 5/- each of the Company. Not yet completed.
Anything else on the erstwhile promoter of ISMT can you weigh on would be helpful?
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