RINL shareholders approve its conversion to a public limited company

KOLKATA: Shareholders of Rashtriya Ispat Nigam Limited ( RINL), a government of India undertaking and a navratna company, approved its conversion into a public limited company at an extra-ordinary general meeting (EGM) held on April 21, 2012 at its registered office in Visakhapatnam.

A P Choudhary, CMD of RINL chaired the meeting. RINL being fully owned by President of India, was registered as a Private Company as per Companies' Act 1956. In the EGM, the shareholders approved its conversion to a Public Limited Company.

The present share value of Rs 1,000/- is now split into Rs 10/- per share along with adoption of a new set of Articles of Association & Memorandum of Association in line with the Public Limited Company. Ms. Sarita Taneja, Under-Secretary, Ministry of Steel and authorized nominee on behalf of the President of India, attended.