NCLT Chennai Sanctions Cultfit Group Restructuring Scheme

The National Company Law Tribunal (NCLT) at Chennai has recently approved a composite scheme of arrangement involving Cultfit group companies, which run a fitness and wellness platform offering gym memberships, training programmes and digital health services. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam passed the order. The petition was filed by Cultfit Healthcare Private Limited, Curefit Services Private Limited, and Curefit Healthcare Private Limited...

Supreme Court Grants Pre-Arrest Bail To SRS Finance Director Ankit Sachdeva In Fraud Case, Issues Notice To SFIO

The Supreme Court on Thursday issued notice and made an order for pre-arrest bail to Ankit Sachdeva, a director of SRS Finance Ltd., whose anticipatory bail plea had earlier been dismissed by the Punjab & Haryana High Court by order dated March 4, 2024, which found prima facie involvement in a large-scale financial fraud.Sachdeva's petition before the top court challenges the High Court's refusal to grant anticipatory bail. A Bench of Justices Vikram Nath and Sandeep Mehta while...

NCLT Ahmedabad Sanctions Amalgamation Of Global CNC With Windsor Machines

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 19 March, sanctioned the scheme of amalgamation between Global CNC Private Limited (Transferor Company) and Windsor Machines Limited (Transferee Company) under Sections 230 to 232 of the Companies Act, 2013. A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma held the scheme to be effective from the appointed date of 1 April 2025. They observed:“The Scheme of Amalgamation annexed as Annexure 'G'...

NCLT Ahmedabad Directs Equity Shareholder Meetings For J.B. Chemicals-Torrent Pharmaceuticals Merger

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) directed the companies to convene meetings of equity shareholders of J.B. Chemicals & Pharmaceuticals Ltd. (Transferor Company) and Torrent Pharmaceuticals Ltd. (Transferee Company) in connection with their proposed scheme of amalgamation under Sections 230 to 232 of the Companies Act, 2013. A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr Velamur G Venkata Chalapathy delivered the order on 23 March...

NCLT Ahmedabad Sanctions Amalgamation Of Penna Cement Into Ambuja Cements

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 30 March sanctioned the scheme of amalgamation between Penna Cement Industries Ltd. (Transferor Company) and Ambuja Cements Ltd. (Transferee Company) under Sections 230–232 of the Companies Act, 2013. A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma approved the scheme, holding that the scheme is fair, reasonable, and in public interest. The Tribunal held: “The objections/observations...

NCLT Chandigarh Confirms UKIBC India's 55.39% Capital Reduction Scheme

The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 25 March, approved the petition filed by UK India Business Council India Private Limited seeking a reduction of its share capital under Section 66 of the Companies Act, 2013. A Bench comprising Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh held: “In view of the submissions made by the Petitioner Company, we are of the considered view that the reduction of share capital of the Petitioner...

NCLT Chennai Compounds AGM Delays By Seal Infotech, Imposes ₹17.61 Lakh Penalty On Company, Directors

The National Company Law Tribunal (NCLT) at Chennai has recently compounded delays of up to 587 days in holding Annual General Meetings by Seal Infotech Private Limited, taking a lenient view and imposing penalties aggregating to Rs 17.61 lakh. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam passed the order. The tribunal was dealing with three petitions filed by the company and its directors seeking compounding of offences for failure to hold Annual...

NCLAT Dismisses MMTC Appeal Against NSEL's Settlement Scheme With Traders

The National Company Law Appellate Tribunal (NCLAT) at Delhi on Monday rejected a challenge by state-run trading company MMTC Limited to a settlement scheme approved for National Spot Exchange Ltd., holding that the scheme cannot be reopened once it has been upheld in earlier proceedings and affirmed by the Supreme Court.The Mumbai bench of the National Company Law Tribunal had, on November 28, 2025 approved the settlement scheme between NSEL, along with its promoter 63 Moons, and its creditors,...

Share Capital Reduction A 'Domestic Decision', Minority Shareholders Can't Veto It: NCLT Chennai

The National Company Law Tribunal (NCLT) at Chennai has approved a scheme of reduction of share capital for Ocean Healthcare Private Limited, holding that the reduction of share capital under Section 66 of the Companies Act is a “Domestic decision” of the company, with minority shareholders not having a “Veto Right”. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam passed the order. Referring to precedents, the Bench observed: "It is imperative to take note...

NCLT Indore Directs Meetings In HEG Demerger, Bhilwara Energy Merger; Some Meetings Dispensed

The Indore bench of the National Company Law Tribunal (NCLT) has recently issued directions on convening and dispensing with meetings of shareholders and creditors in the proposed Composite Scheme of Arrangement involving HEG Ltd, HEG Graphite Ltd, and Bhilwara Energy Ltd.The order was passed by the bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan GuptaHEG Ltd is a leading company in the manufacturing of graphite electrodes. HEG's shares are listed on the BSE and...

NCLT Mumbai Compounds Companies Act Violations By Wadhwagroup Directors On Payment Of ₹36.10 Lakh

The National Company Law Tribunal (NCLT) at Mumbai has compounded offences by directors of Wadhwagroup Holdings Pvt Ltd, a real estate firm, for failure to file consolidated financial statements and for not charging depreciation on investment properties in accordance with accounting standards. The order was passed by a bench of Judicial Member K. R. Saji Kumar and Technical Member Anil Raj Chellan, held that the admitted defaults warranted compounding subject to payment of a fee The...

Statutory Auditors Cannot Claim Blanket Immunity Under Section 339 Of Companies Act: NCLT Mumbai

The Mumbai National Company Law Tribunal (NCLT) on 24 March, held that statutory auditors cannot claim blanket immunity under Section 339 of the Companies Act if they are found to have facilitated or consciously ignored fraudulent conduct. A Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order in proceedings initiated by the Union of India to investigate IL&FS and its group entities, and implead its auditors SRBC & Co LLP and BSR...