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Central nod for KRL merger with BPCL
Staff Reporter
KOCHI:
The Union Ministry of Company Affairs has approved the merger of the Kochi Refineries Limited (KRL) with the Bharat Petroleum Corporation Limited (BPCL) vide its order dated August 18, 2006. Both the companies have filed the order with their respective registrar of companies as required by the Companies Act, 1956, on Monday.
With the approval of the merger, the KRL will cease to exist as a separate entity and stand merged with the BPCL from the appointed date of April 1, 2004 as specified in the scheme of amalgamation.
Following the merger, all the assets, property, liabilities, rights, duties and obligations of the KRL will be vested in the BPCL. Other procedures and formalities including the issue of BPCL shares against the KRL shares to its shareholders will be completed in due course as per the scheme of amalgamation, says a KRL press release.
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