Jamshedpur, July 18: The 49th Annual General Meeting of Tayo Rolls Limited was held today at Centre for Excellence, Bistupur. It was chaired by Anand Sen, Chairman, Tayo Rolls Limited.
The Chairman, in his opening statement detailed the challenges faced by the steel industry and the roll industry globally, and in India. He also elaborated upon the efforts made by the Company and the support extended by the promoters.
The steps taken at the AGM include approval of the Audited Annual Accounts for FY’17, re-appointment of V.S.N. Murty as Director, appointment of statutory auditors and approval of Material Related Party Transactions.
“Despite efforts, the Company incurred substantial losses, and lost its net worth. The Company suspended its operations in May 2016, introduced Voluntary Separation Scheme and applied for closure of operations. The Company has also filed application before the National Company Law Tribunal, Kolkata, under the Insolvency and Bankruptcy Code 2016,” said a company communiqué.