COMPANY LAW
NCLT Mumbai Orders Stakeholder Meetings On Delta Corp Plan To Separate Gaming And Hospitality Businesses
The Mumbai Bench of the National Company Law Tribunal (NCLT) has directed Delta Corp Limited to convene meetings of its shareholders and unsecured creditors to consider a proposed restructuring scheme that would separate its hospitality and real estate businesses from its gaming operations. A bench of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt passed the order on a first-motion application filed by Delta Corp Limited and three related companies seeking directions on the...
No Minimum Shareholding Required To Seek Restoration Of Struck-Off Company: NCLT Indore
The National Company Law Tribunal (NCLT) at Indore has recently held that a shareholder's right to seek restoration of a struck-off company's name is an individual statutory right. It does not depend on the extent of shareholding in the company. A bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta delivered the ruling while allowing a plea by Arun Dagaria. He held 0.1% of the paid-up equity share capital of Space City Homes Private Limited and sought...
NCLT Mumbai Allows First Motion Plea For Merger Of Hinduja Leyland Finance Into NDL Ventures
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 17 June allowed a first-motion application relating to the proposed merger of Hinduja Leyland Finance Limited (HLFL), an RBI-registered non-banking financial company (NBFC), into NDL Ventures Limited. A Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar heard an application filed under Sections 230 and 232 of the Companies Act, 2013 and passed the order. The scheme provides for the...
NCLT Mumbai Allows First Motion Plea In Merger Of News18 Marathi With Network18
On 17 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) allowed a first motion application seeking directions regarding the proposed merger of News18 Marathi Private Limited with its holding company Network18 Media & Investments Limited. A Bench comprising Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan passed the order on a joint application filed under Sections 230 to 232 of the Companies Act, 2013. The applicant companies informed the Tribunal that...
NCLT Mumbai Approves NSE Academy's ₹241.32 Crore Preference Share Capital Reduction
The Mumbai Bench of the National Company Law Tribunal (NCLT) has recently approved NSE Academy Limited's proposal to reduce up to ₹241.32 crore of its paid-up preference share capital. The company had proposed the reduction after selling its investments in TalentSprint India Private Limited and TalentSprint Inc., stating that it held surplus cash and liquid investments following the transaction. A bench of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt allowed the company's...
NCLT Ahmedabad Dispenses With Palco Recycle Shareholders' Meeting, Directs Other Stakeholder Meetings
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed Palco Metals Limited to convene meetings of its equity shareholders and unsecured creditors within 45 days in connection with a proposed amalgamation with its wholly owned subsidiary, Palco Recycle Industries Limited. The tribunal also directed Palco Recycle to hold meetings of its secured and unsecured creditors during the same period, while dispensing with the transferor company's equity shareholders' meeting.The...
NCLT Ahmedabad Orders Restoration Of 21,000 Ambuja Cements Shares To Original Holders
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed Ambuja Cements Limited to rectify its Register of Members by restoring two shareholders as joint holders of 21,000 equity shares and removing the name of another individual. The tribunal held that the transfer in his favour remained unsubstantiated. The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma allowed an appeal filed by Ambuja Cements Limited seeking correction of the register after...
Union Govt. Authorised SFIO Officer Can File Winding Up Petition Under Companies Act: NCLT Kolkata
On 12 June, the Kolkata Bench of the National Company Law Tribunal (NCLT) held that a person authorised by the Central Government can validly institute winding-up proceedings under Sections 271 and 272 of the Companies Act, 2013. Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra dismissed an application filed by MPS Greenery Developers Ltd seeking dismissal of a winding-up petition that the Serious Fraud Investigation Office (SFIO) had filed on behalf of the Union of India...
NCLT Ahmedabad Refuses Release Of BluSmart's ₹9.15 Crore DSRA Funds Amid Probe Into Gensol Group Companies
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently refused to permit release of Rs 9.15 crore kept in a debt service reserve account (DSRA) linked to Blu-Smart Charge Pvt. Ltd., observing that the amount should remain preserved while investigations continue into the wider Gensol-BluSmart group's Rs 166 crore fund trail. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma noted that questions surrounding the disappearance, release and set-off of...
Eros Challenges NCLT Order Referring Colour Yellow Productions Dispute With Aanand L Rai to Arbitration
Eros International Media Limited has approached the National Company Law Appellate Tribunal (NCLAT) against an order that sent to arbitration its dispute with the promoters of Colour Yellow Productions Pvt. Ltd., including filmmaker Aanand L. Rai. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Arun Baroka took up the appeal on Monday and sought responses from the respondents. The challenge is directed against an April 28 order of the Mumbai bench of the National...
NCLT Chandigarh Admits RoC Plea To Wind Up Siraj-Ul-Uloom Welfare Foundation
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 11 June admitted a petition filed by the Registrar of Companies (RoC), Jammu & Kashmir and Ladakh, seeking winding up of Siraj-Ul-Uloom Welfare Foundation under Section 271(b) of the Companies Act, 2013. Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal observed: “..we are prima facie satisfied that the Respondent Company has been used as a vehicle for activities prejudicial to the sovereignty,...
NCLT Allahabad Allows First Motion For KFPL–FPL Demerger Of Fleather Business
The Allahabad Bench of the National Company Law Tribunal (NCLT) on 10 June, allowed the first motion application filed by Kanpur Flowercycling Pvt. Ltd. (KFPL) and Fleather Pvt. Ltd. (FPL), approving the proposed demerger of KFPL's Fleather Business into FPL. Judicial Member Praveen Gupta and Technical Member Ashish Verma passed the order and directed convening of requisite meetings for consideration of the scheme. The Tribunal observed: “Since, the Applicant Resulting Company does not have...