COMPANY LAW
NCLT Kochi Allows First Motion For Foam Mattings–KSCCL Amalgamation Scheme
The Kochi Bench of the National Company Law Tribunal (NCLT) on 1 June allowed the first motion application for the proposed amalgamation of Foam Mattings (India) Limited (FOMIL) with The Kerala State Coir Corporation Limited (KSCCL). Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy dispensed with meetings of secured creditors after noting that creditors representing 100 per cent of the secured debt had given consent affidavits. The Bench observed: “Under Section 230(9) of...
NCLT Indore Clears First-Motion Application For Demerger Of Indo Thai Securities' Broking Undertaking
The Indore Bench of the National Company Law Tribunal (NCLT) has allowed a first-motion application filed by Indo Thai Securities Limited (ITSL) and its wholly owned subsidiary, Indo Thai Financial Services Limited (ITFSL), in connection with a proposed demerger of ITSL's broking and distribution business. The order was passed on June 10 by a bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta. ITSL, incorporated in 1995, is a listed company engaged in broking...
NCLT Delhi Clears First-Motion Application To Demerge Sammaan Finserve's NBFC Business Into Sammaan Capital
The National Company Law Tribunal (NCLT), New Delhi, has allowed a first-motion application jointly filed by Sammaan Finserve Limited (SFL) and Sammaan Capital Limited (SCL) in relation to a proposed scheme for the demerger of SFL's NBFC business into SCL. The tribunal also directed the convening of a meeting of SCL's equity shareholders through video conferencing. A bench of Judicial Member Bachu Venkat Balram Das and Technical Member Ravindra Chaturvedi passed the order on June 12, 2026. The...
NCLT Mumbai Clears First Motion For L&T Realty Business Demerger Into Wholly Owned Subsidiary
The Mumbai Bench of the National Company Law Tribunal (NCLT) has allowed a first-motion application in the proposed demerger of Larsen & Toubro Ltd's (L&T) realty business into its wholly owned subsidiary, L&T Realty Properties Ltd. The tribunal also directed the convening of a meeting of L&T's equity shareholders to consider the scheme. A bench of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer passed the orderThe scheme proposes the transfer and...
Mere Existence Of Clause Dealing With Arbitration Does Not Mandate Arbitration Reference: NCLT Bengaluru
The National Company Law Tribunal (NCLT) at Bengaluru has recently held that the mere existence of a clause providing only for the possibility of arbitration does not require disputes to be referred to arbitration.A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada dismissed an application filed by Vishrutha Dhruva and Amit Kumar Tyagi, who are parties to the Shareholders' Agreement and hold employment with Acumen Technical Advisory Pvt. Ltd. The...
NCLT Mumbai Sanctions Greenwood's Acquisition Of Aran's Stake In Aranca For ₹92.87 Lakh
On 10 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) sanctioned a scheme under Sections 230 to 232 and 234 of the Companies Act, 2013, allowing Greenwood Research & Management Limited to acquire the minority shareholding of Hemendra Aran in Aranca (Mumbai) Private Limited for approximately Rs. 92.87 lakh. Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar approved the acquisition of 21,355 equity shares, which constituted 0.551% of Aranca's share...
NCLT Mumbai Allows First Motion in Alkem–Adroit Biomed Merger, Orders Shareholders' Meeting
On 10 June, the Mumbai Bench National Company Law Tribunal (NCLT), allowed the first motion application in the proposed merger of Adroit Biomed Limited with its parent company Alkem Laboratories Limited and directed Alkem to convene a shareholders' meeting to consider and approve the scheme. Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan observed that Alkem acquired 100% of Adroit Biomed's equity share capital on 23 April 2025, thereby making it a wholly owned subsidiary....
NCLT Ahmedabad Allows First Motion In Amalgamation Of Arcelor Mittal Nippon Steel Group Entities
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Wednesday directed AMNS Ports India Limited to convene a meeting of its equity shareholders and AMNS Ports Hazira Limited to convene a meeting of its unsecured creditors. The directions were issued in a proposed amalgamation that would reduce the number of entities in the Arcelor Mittal Nippon Steel joint venture group in India. The tribunal dispensed with the remaining shareholder and creditor meetings sought by the...
NCLT Chandigarh Allows AmberPR–Amber Enterprises Merger First Motion, Dispenses With Meetings
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 5 June allowed the joint first motion application filed by AmberPR Technoplast India Pvt. Ltd. (Transferor Company) and Amber Enterprises India Ltd. (Transferee Company) in a scheme of amalgamation. Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal passed the order on 5 June 2026 and dispensed with the requirement of convening meetings of shareholders and creditors. The Bench observed: “It has been the...
Supreme Court Refers Jindal Poly Films Minority Shareholder's Class Action Dispute To Arbitration
The Supreme Court on Monday referred to arbitration a class action dispute brought by minority shareholders of Jindal Poly Films Ltd. over alleged undervalued related-party transactions.In doing so, it set aside NCLT and NCLAT rulings that had permitted the shareholders' Section 245 class action petition to proceed. A bench of Justices Prashant Kumar Mishra and Atul S. Chandurkar passed the order in an appeal filed by Jindal Poly Films against an NCLAT judgment dated February 26, 2026. The...
Allegations Of Oppression To Be Tested Only At Final Hearing, Not Amendment Stage: NCLT Mumbai
On 5 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) held that allegations of oppression and mismanagement cannot be examined at the stage of deciding an application for amendment of pleadings in a company petition, observing that such issues can be adjudicated only at the final stage after parties are given an opportunity to contest the amended pleadings on merits. Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar allowed an amendment application...
NCLT Mumbai Orders 50% Shareholder To Exit Urja Niyojan At Nil Value Over Deadlock In Management
The Mumbai Bench of the National Company Law Tribunal (NCLT) on 3 June directed the exit of a 50% shareholder of Urja Niyojan Pvt Ltd at nil value, holding that a complete managerial deadlock and irretrievable breakdown of trust between equal shareholders had stalled the company's functioning. Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar allowed an oppression and mismanagement petition filed by promoter and director Madhav Shridhar Dandavate against co-promoter...