The Ministry of Corporate Affairs (the competent authority to approve mergers of Govt. Companies) has approved the Scheme of Amalgamation for merger of Bongaigaon Refinery & Petrochemicals Ltd (BRPL) (a subsidiary of Indian Oil) with IOC.
Bongaigaon Refinery & Petrochemicals Ltd. (Transferor Company) stands dissolved and the merger becomes effective on March 25, 2009 after filing of the Order of Amalgamation with the Registrar of Companies (ROCs) in Shillong and Mumbai.
The Scheme of Amalgamation provides for a swap ratio of 4 : 37 i.e. 4 equity shares of Rs 10 each of Indian Oil (the Transferee Company) as fully paid for every 37 equity shares of Rs 10 each of Bongaigaon Refinery & Petrochemicals Ltd (the Transferor Company).
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