The Board of Directors of OCL Iron and Steel, Ltd. (BSE:533008) announced the spin-off of auto component business on May 29, 2015. The resulting company, OISL Auto Limited shall issue to the equity shareholders of OCL Iron and Steel one share for each share held in OCL Iron and Steel. The transaction is subject to all requisite approvals including from shareholders, creditors, SEBI, stock exchange, RBI, Orissa and Rajasthan High Court. The Board of Directors of OCL Iron and Steel, Ltd. has approved the transaction at its meeting held on July 23, 2015. Upon approval, the shares of OISL Auto Limited will be listed on BSE and NSE. The appointed date for the transaction is April 1, 2015. OCL Iron & Steel has filed for the court approval of the proposed scheme of demerger on September 20, 2016. The equity shareholders meeting of OCL Iron and Steel is scheduled on January 14, 2017. The deal has been approved by the creditors of the OCL Iron and Steel on January 14, 2017. OCL Iron & Steel Limited (BSE:533008) cancelled the spin-off of auto component business on March 7, 2017. The National company Law Tribunal approved the withdrawal of the scheme.