Essar Steel seeks shareholders' nod to delist shares
Essar Steel on Monday said it will seek shareholders' approval to delist the equity shares of the company from the bourses by way of postal ballot.
By PTI |
MUMBAI: Essar Steel on Monday said it will seek shareholders' approval to delist the equity shares of the company from the bourses by way of postal ballot.
The Board of Directors at its meeting on January 29, has appointed chartered accountant T N V Visweswara Rao as the scrutiniser for conducting the postal ballot process in a fair and transparent manner, Essar Steel informed the BSE.
The scrutiniser would submit his report to the Chairman or Director of the company after completion of scrutiny and the results of the postal ballot would be announced on March 21.
On February 8, another group firm Essar Oil Ltd said it would seek shareholders' approval to delist the equity shares of the company from the bourses through postal ballot.
Ruias-controlled Essar group had earlier said it would delist its steel and oil arms from stock exchanges to gain more flexibility in running the companies.
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Essar Steel Holdings Ltd and Essar Energy Holdings Ltd, the parent companies and largest shareholders of Essar Steel and Essar Oil, has sought delisting from the Bombay Stock Exchange and National Stock Exchange.Essar Steel Holdings and Essar Energy Holdings are Mauritius-based subsidiaries of Essar Global Ltd and largest shareholders as well as promoters of the entities.
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