NCLT Mumbai Allows BASF India's First Motion In Demerger Scheme, Dispenses With Meetings Of Shareholders, Creditors

The National Company Law Tribunal (NCLT) at Mumbai on Friday allowed a plea filed by BASF India Ltd and BASF Agricultural Solutions India Ltd seeking directions in relation to a proposed demerger of the agricultural solutions business. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was dealing with an application under Sections 230 to 232 of the Companies Act seeking dispensation of meetings of shareholders and creditors. The scheme was approved by the...

Calcutta High Court Holds Issue Of Appointing Woman Director Triable In Case Against Rashmi Metaliks

Today, the Calcutta High Court refused to quash criminal proceedings against Rashmi Metaliks Ltd and its directors for alleged non-compliance with the mandatory requirement under Section 149 of the Companies Act to appoint at least one woman director. A Single-Judge Bench of Justice Ajay Kumar Gupta was hearing a criminal revision petition under Section 482 CrPC challenging proceedings pending before the Chief Judicial Magistrate, Alipore, including an order dated 19 September 2015. He...

NCLT Chennai Allows First-Motion Application In Veranda Learning Amalgamation-Demerger Scheme

The Chennai Bench of the National Company Law Tribunal on 18 March allowed the first motion application for a composite scheme of amalgamation and demerger involving Veranda Learning Solutions Ltd, J.K. Shah Commerce Education Ltd, and Veranda XL Learning Solutions Pvt Ltd. A Bench comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam considered a batch of applications filed under Sections 230–232 of the Companies Act, 2013, relating to the composite scheme. It...

NCLT Chennai Directs TVS Holdings' Shareholders' Meeting for Surplus Reserve Scheme

On 18 March, the National Company Law Tribunal, Chennai directed TVS Holdings Ltd to hold a meeting of its equity shareholders to approve a plan for using surplus reserves. It also dispensed meetings for unsecured creditors and debenture holders as they had already given their consent. A Bench of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam heard the company's application under Sections 230–232 of the Companies Act, 2013, which sought approval for a scheme to...

Extending Vigil Mechanism To Unlisted Companies Is Policy Decision; Delhi High Court Asks MCA To Consider After Consultation

The Delhi High Court has observed that the question of extending the vigil/whistleblower mechanism prescribed under Section 177 of the Companies Act, 2013, to unlisted companies is a matter of legislative policy and cannot be directed by courts through judicial orders.A Division Bench of Justices Prathiba M. Singh and Madhu Jain thus directed the Union Ministry of Corporate Affairs to undertake a stakeholder consultation in this regard, and thereafter take a decision, within a reasonable period,...

NCLT Ahmedabad Sanctions Prima Plastics Demerger Of Rotational Moulding Business Into Subsidiary

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has recently sanctioned a Scheme of Arrangement providing for the demerger of the Rotational Moulding Business of Prima Plastics Limited into its wholly owned subsidiary, Prima Innovation Limited. The order was passed by Judicial Member Shammi Khan and Technical Member Sanjeev Sharma on March 16, 2026. The appointed date is July 1, 2024. Prima Plastics Limited is listed on BSE Limited, while Prima Innovation Limited is its...

NCLT Ahmedabad Sanctions Amalgamation Of UR Energy With Listed Jhaveri Credits

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has approved a scheme of amalgamation under which solar power company U R Energy (India) Private Limited will merge with BSE-listed Jhaveri Credits and Capital Limited, holding that the scheme is not prejudicial to the interests of shareholders or creditors.The order was pronounced on March 16, 2026, by a bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma. U R Energy, the transferor company, was incorporated...

NCLT Kochi Restores Winding-Up Petition After 3-Year Delay, Notes Provisional Liquidator Already Appointed

The National Company Law Tribunal (NCLT) at Kochi restored a winding-up petition dismissed for non-prosecution despite a delay of over three years, noting that a Provisional Liquidator had already been appointed and the company's affairs were under the tribunal's supervision.A coram of Judicial Member Vinay Goel held that dismissal without adjudication on merits could create uncertainty regarding the status of the company and its assets.“This Tribunal is guided by the principles of natural...

Non-Supply Of Daily Account Statements To Former MD Not Oppression: NCLT Mumbai In Sapat International Case

The National Company Law Tribunal (NCLT) at Mumbai has held that non-supply of daily account statements and Management Information and Analysis (MIA) reports to a director of Sapat International Pvt Ltd, who raised the grievance after ceasing to be managing director, does not by itself amount to oppression or concealment of company affairs. The ruling was delivered by a bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar while dismissing a company petition filed...

Karnataka High Court Holds Pre‑Winding-Up Lease By Mysore Kirloskar Ltd To KIAMS Fraudulent

The Karnataka High Court on 17 February held that a lease executed by the erstwhile management of Mysore Kirloskar Ltd in favour of Kirloskar Institute of Advanced Management Studies (KIAMS) was a fraudulent and sham transaction intended to defeat creditors and was therefore void from inception. A Division Bench of Justices D.K. Singh and Venkatesh Naik T heard an appeal by the official liquidator, challenging the Company Court's 21 July 2015 order that had rejected a request to cancel the...

Indemnity Bond Not Required When Succession Certificate Is Filed Under IEPF Rules: Gujarat High Court

The Gujarat High Court on 9 March held that where a claimant has already furnished a valid succession certificate under the Investor Education and Protection Fund (IEPF) Rules for transfer of shares, an indemnity bond cannot be insisted upon. Justice Hemant M Prachchhak observed that the requirement to furnish an indemnity bond arises only in the absence of documents such as a succession certificate, and authorities cannot impose additional conditions not contemplated under the Rules. He noted:...

NCLT Approves Adani Group Scheme To Consolidate Its Green Hydrogen, Renewable Energy Businesses

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Monday sanctioned a composite scheme of arrangement involving multiple Adani Group entities for consolidation of their green hydrogen and renewable energy businesses within Adani Enterprises Ltd. and Adani New Industries Ltd. under a unified corporate structure The order was delivered by Judicial Member Shammi Khan and Technical Member Sanjeev Sharma on March 16, 2026, approving the amalgamation of Adani Green Technology Ltd....