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Who is accepts the merger of Bharat Petroleum Corporation Ltd (BPCL) and Bharat Gas?
A)
NITI Aayog
B)
Ministry of External Affairs
C)
Securities and Exchange Board of India
D)
Ministry of Corporate Affairs

Correct Answer :   Ministry of Corporate Affairs


Bharat Petroleum Corporation Ltd (BPCL) the 100% subsidiary, Bharat Gas Resources Ltd (BGRL), has merged with the parent company. The Ministry of Corporate Affairs (MCA) issued the decree authorising this merger. 
 
The merging plan went into force. According to the terms of the merger proposal, the authorised share capital of BOCL is combined with the authorised share capital of BGRL as of 16th Aug 2022.
 
* Bharat Gas Resources Ltd (BGRL)’s principal line of business is gas sourcing and selling. In order to simplify the corporate structure and combine the assets and liabilities of Bharat Gas Resources Ltd (BGRL) and BPCL, it was created to develop city gas distribution networks in various geographic locations.
 
* There is no listing of Bharat Gas Resources Ltd (BGRL)’s equity shares on any stock exchanges.
 
* The total authorised share capital of Bharat Gas Resources Ltd (BGRL) as of today is amalgamated with the authorised share capital of BPCL per the conditions of the merger plan of BPCL and Bharat Gas Resources Ltd (BGRL).
 
* Bharat Gas Resources Ltd (BGRL) is incorporated in June 2018. The financial closing submission to PNGRB for the 13 geographic areas authorised to Bharat Gas Resources Ltd (BGRL)during rounds 9 and 10 of the City Gas Distribution auction was completed by BGRL during the 2019–20 fiscal year..

Source : The Hindu Businessline

Published On : August 26, 2022
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