The release said that ¡°facilitating NBCC to have complete control over financial, administrative and operating decisions of HSCL¡±. ¡°After signing the SHA (share holding agreement), the shares held by the steel ministry (49%) have been transferred to the housing and urban affairs ministry. The board of HSCL would be reconstituted and CMD or representative of NBCC would become the non-executive chairman of HSCL.¡±
Last year in May, the Union cabinet had approved the financial restructuring of HSCL and its takeover by NBCC. In April this year, the HSCL board allotted INR 35.7 crore equity share capital, ie 3.57 crore equity share of INR 10 each, constituting 51% of HSCL¡¯s post issued share capital to NBCC .
HSCL¡¯s board had allotted INR 35.7 crore equity share capital, constituting 51% of HSCL¡¯s post issued share capital to NBCC. As a result, HSCL became a subsidiary of NBCC. NBCC and HSCL have similar business activities. Established in 1964 for construction of modern integrated steel plants, HSCL has diversified into other civil infrastructure construction. NBCC is a Navratna enterprise, in the construction sector.
Source : FINANCIAL EXPRESS
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