NCLT Ahmedabad Approves Amalgamation Of Adani Group Subsidiaries, Dispenses With Statutory Meetings

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 20 April approved a scheme of amalgamation among wholly owned subsidiaries of Adani Energy Solutions Ltd. and dispensed with statutory meetings after recording unanimous consents of shareholders and creditors under Sections 230–232 of the Companies Act, 2013. A Bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma allowed the company application filed by Gopalaya Build Estate Pvt. Ltd., Adani Transmission...

NCLT Allahabad Sanctions Amalgamation Of Advanced Rail Controls With Concord Control Systems

The Allahabad Bench of the National Company Law Tribunal (NCLT) on 15 April 2026 sanctioned a scheme of amalgamation under Sections 230–232 of the Companies Act, 2013, approving the merger of Advanced Rail Controls Private Limited (transferor company) with Concord Control Systems Limited (transferee company), with effect from the appointed date of 1 April 2025. A Bench comprising Judicial Member Praveen Gupta and Technical Member Ashish Verma allowed the petition and brought the scheme into...

Stamp Duty On Amalgamation Cannot Be Based on Goodwill, Share Premium Account Entries: Bombay High Court

The Bombay High Court has held that while an amalgamation order is chargeable to stamp duty as a “conveyance”, stamp authorities cannot levy duty on such an order by treating accounting entries such as goodwill, share premium, or profit and loss figures as consideration in the absence of any real issuance of shares or payment of money. Holding that amounts reflected in accounts can be considered for stamp duty only if they are clearly linked to actual issuance of shares or real payment of...

Calcutta HC Refuses To Stay Single Judge Order In Chrestien Mica Liquidation Case Over Fraud Allegations

The Calcutta High Court has refused to stay a single judge's order that stepped in to undo alleged fraudulent dealings in the decades-old liquidation of Chrestien Mica Industries Ltd., holding that the High Court exercising company jurisdiction retains authority once winding-up proceedings reach an “irreversible stage." A division bench of Justice Sabyasachi Bhattacharyya and Justice Supratim Bhattacharya said the transfer of such cases to the National Company Law Tribunal (NCLT) is permissible...

NCLT Mumbai Allows First Motion For Merger Of Emerson Process Management India With Emerson Electric India

The NCLT Mumbai has approved the first motion in the scheme of amalgamation whereby Emerson Process Management Power and Water Solutions India Pvt Ltd. (transferor company) will merge into Emerson Electric Company (India) Pvt Ltd. (transferee company), both engaged in industrial automation, process management, network power, and climate technology solutions.A bench of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan passed the order on April 20, allowing the application...

NCLT Delhi Approves Powerlinks Transmission Scheme To Reclassify Reserves Into Retained Earnings

The National Company Law Tribunal (NCLT) at the New Delhi bench has recently sanctioned a scheme of arrangement of Powerlinks Transmission Limited involving the reclassification of Rs. 78.83 crore from its general reserves into retained earnings, holding that it is “not prejudicial to the interest of the equity shareholders and creditors.” The order dated April 16, 2026 was passed by Acting President Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi on a second motion petition...

Offences Under IBC Triable By Special Court Where Registered Office Is Located: Madhya Pradesh High Court

The Madhya Pradesh High Court on 9 April held that offences under the Insolvency and Bankruptcy Code, 2016 (IBC) must be tried by the Special Court having jurisdiction over the place where the company's registered office is situated, and not on the basis of the residence of directors or the place of alleged non-compliance. A Single-Judge Bench of Justice Rajesh Kumar Gupta directed the Insolvency and Bankruptcy Board of India to file its complaint against Vinay Bhadauria before the...

Death Of Shareholder Led To AGM Default, NCLT Mumbai Compounds Offence, Cuts Fine To ₹1.16 Lakh

Holding that the default occurred on account of the death of a shareholder, the National Company Law Tribunal (NCLT), Mumbai, has compounded the offence arising from the delay in holding the Annual General Meeting of Dighi Agencies Private Limited for FY 2016–17. A coram of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer imposed a total compounding fee of Rs. 1.16 lakh, as against the maximum fine computed by the Registrar of Companies at over Rs. 1.63 crore.The...

Transfer Of Unclaimed Shares To IEPF Does Not Extinguish Ownership: NCLT Jaipur

The National Company Law Tribunal (NCLT) at Jaipur has recently held that the transfer of unclaimed shares and dividends to the Investor Education and Protection Fund (IEPF) does not extinguish ownership and directed Shree Cement Ltd. to issue duplicate share certificates to Sumati Projects Limited. “The transfer to IEPF does not extinguish the underlying ownership of the Petitioner; it only transfers the unclaimed shares and dividends to the Fund. The Company is still duty-bound to issue...

Calcutta High Court Quashes ROC-Initiated Criminal Proceedings Against Binani Cements Officials Over Filing Error

The Calcutta High Court on Thursday quashed criminal proceedings initiated by the Registrar of Companies against the Company Secretary and a Director of Binani Cements Ltd. over an error in XBRL filings made with the Registrar, holding that the absence of mens rea and non-compliance with the mandatory procedure under Section 202 CrPC rendered the prosecution unsustainable.Justice Uday Kumar, while dealing with criminal revisional applications filed by Atul Pukhraj Falgunia and Ramkrishna...

NCLAT Sets Aside NCLT Order Cancelling 30,000-Share Allotment, 15,626-Share Sale In Peerless General Finance

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently set aside a Kolkata NCLT order that had cancelled the allotment of 30,000 shares made in 1987–88 and the sale of 15,626 shares in Peerless General Finance & Investment Co. Ltd. (PGFI). It held that no case of oppression or mismanagement was made out under Sections 397–398 of the Companies Act, 1956. The appellate tribunal was hearing three connected appeals against a common order dated July 18, 2022 in a long-running...

NCLT Mumbai Refuses To Unwind IL&FS–SREI Transactions, Applies Doctrine Of Election

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 13 April held that a party which has consistently treated transactions as valid, independent and enforceable cannot later seek to unwind them by taking a contradictory stand. Applying the doctrine of election and the principle that one cannot approbate and reprobate, a Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar refused to unwind financial transactions between Infrastructure Leasing and...