State-run steel maker Steel Authority of India Ltd (SAIL) is shutting down two of its subsidiaries located in Uttar Pradesh and Jharkhand.
“SAIL has initiated actions for closure/exit from certain JV companies as well as subsidiaries which are either non-performing or non-operational. The closure action for two subsidiary companies viz SAIL Jagdishpur Power Plant Limited and SAIL Sindri Projects Limited under Fast Track Exit Mode is in progress,” the company said a report.
The two subsidiary companies have filed application for closure under Fast Track Exit Mode as per provisions of Section 248(2) of the Companies Act, 2013 and Rule 4 (1) of the Companies (Removal of Names of the Companies from the Register of Companies) Rules, 2016.