November 10, 2003
To :
All Concerned Stock Exchanges
Sub:
Intimation of Board Meeting in compliance with clause 36(7) (ii)
and other
applicable provisions of the
Listing Agreement:
A meeting of the Board of Directors of Jindal
Vijayanagar Steel Ltd. will be held on Thursday, 13th November 2003, at 10.30
a.m. at ‘The Crystal North’, Taj Mahal Hotel, Apollo Bunder, Mumbai-400 001,
to consider amongst other things and if thought fit, approve:
1. An integrated Scheme of Arrangement under Sections 391
to 394 of the Companies Act, 1956 which includes the consolidation of the
Steel businesses of the Company and Jindal Iron & Steel Co. Ltd. (JISCO),
the de-linking of the investments of JISCO into a separate Company and re-organisation
of the capital of the Company.
2. The Share Exchange Ratio recommended by the valuers
- M/s. Deloitte Haskins & Sells and ICICI Securities Ltd. in relation
to the amalgamation of the Steel businesses of both the Companies.
The aforesaid Scheme of Arrangement being placed before the Board of Directors
shall be subject to necessary approvals/consents of appropriate authorities
and Lenders.
for JINDAL VIJAYANAGAR STEEL LTD.,
R.P.Raichur
Vice-President (Corporate Affairs) &
Company Secretary
