COMPANY LAW
NCLT Mumbai Admits P&G Home Products' ₹3.15 Crore Capital Reduction Plan, Directs Notice To Creditors
The National Company Law Tribunal (NCLT) at Mumbai has admitted a plea filed by Procter & Gamble Home Products Pvt Ltd, the Indian home care arm of US-based consumer goods major Procter & Gamble seeking approval for reduction of its Rs. 3.15 crore equity share capital under the Companies Act.A coram of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan after hearing the company, directed it to serve notices on creditors, the Regional Director (Western Region) and the...
NCLT Finds Jawed Akhter's Conduct Oppressive, Structures Exit From Jawed Habib Hair and Beauty
The National Company Law Tribunal (NCLT) at Mumbai has held that acts of financial mismanagement by promoter Jawed Akhter amounted to oppression under the Companies Act, while also finding that attempts by the RBPL group to alter the board structure of Jawed Habib Hair and Beauty Ltd were similarly oppressive. While finding JA's conduct prejudicial to the company's interests, a bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar observed:“We have found the...
NCLT Mumbai Sanctions Merger Between Mirae Asset Sharekhan and Mirae Asset Financial Services
The National Company Law Tribunal at Mumbai has approved the second motion petition for merger between Mirae Asset Sharekhan Financial Services Ltd and Mirae Asset Financial Services (India) Pvt Ltd, consolidating the Mirae Asset Group's NBFC operationsA coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar while sanctioning the merger scheme on February 24 observed:“From material on record, the Scheme appears to be fair and reasonable and is not in violation of...
MCA Announces One-Time Relief For Delayed Annual Returns And Financial Statements, Cuts Additional Fees To 10%
Companies that have defaulted on filing annual returns and financial statements will get a limited window to regularise their records after the Ministry of Corporate Affairs (MCA) on Tuesday notified the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026). The Scheme will be in force from April 15 to July 15, 2026. Under existing provisions, companies are required to pay an additional fee of Rs.100 per day for delay in filing annual returns and financial statements, without any upper...
NCLT Chandigarh Allows First Motion In Jindaljyoti–Kingspan Jindal Amalgamation, Orders Creditor Meetings
The National Company Law Tribunal (NCLT), Chandigarh Bench, has cleared the first step in the proposed scheme of arrangement between Jindaljyoti Prefab Private Limited and Kingspan Jindal Private Limited, waiving the need to hold meetings of equity shareholders of both companies and the unsecured creditor of the transferor company, while directing that meetings of the secured and unsecured creditors of the transferee company be convened. The order was passed by a Bench comprising Judicial...
NCLAT Dismisses Appeal Against Order Allowing Former Promoters To Represent Aquafil Polymers
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently dismissed as infructuous an appeal filed by majority shareholder Dr. Anita Roy against an interim order permitting the former promoters of Aquafil Polymers Company Private Limited to represent the company in pending proceedings. The tribunal held that in view of a subsequent comprehensive order passed in July 2025 appointing an Independent Administrator and directing a forensic audit, no effective relief could now be...
NCLT Ahmedabad Approves Adicon Tiles Demerger Into Asian Granito Subsidiary
The National Company Law Tribunal at Ahmedabad has approved a Composite Scheme of Arrangement involving Asian Granito India Ltd (AGIL), the listed holding company of the Adicon group. A coram comprising Judicial Member Shammi Khan and Technical Member Sanjeev Kumar Sharma allowed the petition under Sections 230 to 232 of the Companies Act, 2013, with an Appointed Date of October 16, 2023.As part of the restructuring, the tiles manufacturing undertaking of Adicon Ceramica Tiles Pvt Ltd will...
NCLT Appoints Interim Administrator To Manage Mangalam Publications Amid Family Dispute
The National Company Law Tribunal at Kochi has recently appointed an Interim Administrator to take over the management of Mangalam Publications (India) Private Limited, publisher of the Malayalam daily Mangalam and several weekly magazines, amid an ongoing family dispute over control of the company.A coram of Judicial Member Vinay Goel observed that the continuing disputes between shareholders and the management were adversely affecting the company's business and the interests of its employees...
NCLT Chandigarh Sanctions Merger Of Eight DLF Group Companies Into Highvista Buildcon
The National Company Law Tribunal (NCLT) at Chandigarh has sanctioned a scheme of amalgamation under which eight DLF group companies will merge into Highvista Buildcon Private Limited and stand dissolved without undergoing winding up. Post-merger, Highvista Buildcon will become a wholly owned subsidiary of DLF, one of India's leading real estate developers engaged in residential, commercial and retail projects across major cities.The order was passed by a coram of Judicial Member Khetrabasi...
NCLT Chandigarh Approves Amalgamation Of Livpure Private Limited With Livpure Smart Homes
The National Company Law Tribunal (NCLT) in Chandigarh has approved the merger of Livpure Private Limited with Livpure Smart Homes Private Limited, allowing the two companies to operate as a single entity. The order was passed by Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh. Approving the scheme, the tribunal observed, “The Composite Scheme contemplated between the petitioner companies, appears to be prima facie in compliance with all the requirements...
Maharashtra Stamp Authorities Have No Jurisdiction Over NCLT Chennai Order: Bombay High Court
The Bombay High Court on 18 February held that Maharashtra stamp authorities have no jurisdiction to assess stamp duty on an order passed by the NCLT, Chennai Bench, merely because the same scheme was also sanctioned by the NCLT, Mumbai Bench. A Single-Judge Bench of Justice Sharmila U. Deshmukh clarified that even if stamp duty had not been paid on the Chennai order, that question falls within the domain of authorities in Tamil Nadu and is irrelevant to the assessment of the Mumbai order. The...
Common Independent Director Not 'Common Management': Gujarat High Court Sets Aside GeM Bid Rejection
The Gujarat High Court has held that an Independent Director cannot be treated as part of the common management of a company for the purpose of disqualifying bids under Clause 29 of the Government e-Marketplace General Terms and Conditions, setting aside the rejection of NR Agarwal Industries Ltd's technical bid in a public tender. A Division Bench of Justice Bhargav D. Karia and Justice L.S. Pirzada observed, “the Independent Director stands on a different foot than the Director whether he is...