RHI Clasil, RHI India to be amalgamated with Orient Refractories

The Mumbai Bench of National Company Law Tribunal (NCLT) has approved the amalgamation of two subsidiary companies of RHI Magnesita in India, RHI Clasil and RHI India, with Orient Refractories (ORL), a manufacturer and seller of Refractories and Monolithics. The company told the media that it would provide customers with one single refractory solutions platform offering the industry's most comprehensive product and solutions portfolio as an end to end solution provider. ORL had approved the proposed scheme on July 31, 2018, and the proposed scheme was also approved by the shareholders and creditors of ORL on May 17, 2019. Subsequently, all the required statutory and regulatory approvals were duly obtained, and the scheme was filed jointly by the three companies with the NCLT at Mumbai for its approval. However, NCLT rejected the proposed scheme in an order issued on March 2, 2020. After carefully assessing the details of the order issued by the NCLT, ORL moved to file an appeal before the National Company Law Appellate Tribunal (NCLAT). The NCLAT, in an order dated 19 January 2021, set aside the order passed by the NCLT rejecting the scheme and directed the NCLT to approve the scheme. Subsequently, the scheme was approved by the Mumbai Bench of NCLT. RHI Magnesita is a global supplier of refractory products, systems and solutions. ORL is a publicly-listed entity engaged in the manufacturing and selling of refractories and monolithics. Image Source