AMALAGAMATION OF TWO CENTRAL PSUs

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The Government in the Department of Company Affairs (DCA) has issued a notification approving amalgamation of the International Aluminum Products Ltd. (IAPL) and the National Aluminum Company Ltd. (NALCO), both Government companies incorporated under the Companies Act, 1956 having their registered office at NALCO Bhawan, Bhubneshwar (Orissa) into a single company to ensure coordination in discharge of functions with efficiency at reduced cost by eliminating duplicity of efforts and expenses. The orders of approval have been issued under Sub-Sections (1) and (2) of Section 396 of the Companies Act, 1956 and the order is to be known as the International Aluminum Products Ltd. and the National Aluminum Company Ltd. (Amalgamation) Order, 2001. Accordingly, IAPL stands dissolved and the NALCO is the resulting company.

The amalgamation orders follow resolutions passed by the Board of Directors of the two companies earlier to this effect and their publication in two newspapers of Orissa.

As a result of the amalgamation, the shares and equity capital of the dissolved company namely the IAPL have merged with that of the resulting company namely the NALCO with all its assets and liabilities.

The Registrar of Companies, Orissa, at Cuttak will, accordingly, register afresh NALCO as the single entity under the Companies Act with all the assets, liabilities and obligations of the dissolved IAPL as a Central public enterprises. Accordingly, the Memorandum and Articles of Association of the NALCO as it stood before the appointed day shall be the Memorandum and Articles of Association of the resulting company.