NCLT Chennai Approves Merger Of Helios Strategic Systems With Listed Indo-National

The Chennai National Company Law Tribunal (NCLT) on 10 March, approved a Scheme of Amalgamation between Helios Strategic Systems Limited and Indo-National Limited.

A Bench of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy allowed the joint petition filed under Sections 230 to 232 of the Companies Act, 2013, holding that:

“the scheme as contemplated by the Petitioner companies seems to be prima facie not, in any way detrimental to the interest of the members of the Companies.”

The companies stated that the merger would consolidate group businesses, simplify the corporate structure, eliminate inter-company transactions, and enhance operational efficiency.

Notices were issued to statutory authorities, including the Regional Director, Official Liquidator, Registrar of Companies, and the Income Tax Department. While the authorities submitted observations, they raised no objection to the scheme, subject to compliance with applicable laws.

Accordingly, the Tribunal sanctioned the scheme, directing that all properties, rights, liabilities, and obligations of Helios Strategic Systems Limited be transferred to Indo-National Limited, and fixed 1 April 2024, as the appointed date for the merger. It clarified that its approval does not exempt the companies from payment of stamp duty, taxes, or other charges.

For Petitioners: Lakshmi Subramanian

For Regional Director: Advocate Avinash Krishnan Ravi

For Income Tax Department: Advocate Rajkumar Jhabakh

For Official Liquidator: Pola Raghunath and B Palani