COMPANY LAW
NCLT Ahmedabad Sanctions Amalgamation Of UIB Insurance Brokers With Edme Insurance Brokers
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has sanctioned the amalgamation of UIB Insurance Brokers (India) Pvt. Ltd. with Edme Insurance Brokers Ltd., allowing UIB to be merged into Edme.A bench of Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy approved the scheme after finding the statutory requirements met. The tribunal held that the scheme was bona fide and in shareholders' and creditors' interest.The scheme provides for UIB, the...
NCLT Delhi Sanctions Amalgamation Of Ambrosia Corner House With Kafila Hospitality
The New Delhi bench of the National Company Law Tribunal (NCLT) has sanctioned the amalgamation of Ambrosia Corner House Private Limited with Kafila Hospitality and Travels Private Limited.The order was passed by Judicial Member Jyotsna Sharma and Technical Member Anu Jagmohan Singh on July 2. The bench observed that shareholders are the best judges of their commercial interests and that the tribunal is not required to examine the merits of their commercial decision.“It is settled law that...
NCLT Chennai Allows Stakeholder Meetings On Renault-Nissan's Demerger Of Powertrain Business
The National Company Law Tribunal (NCLT) at Chennai has allowed Renault Nissan Automotive India Private Limited and Renault India Powertrain Private Limited to hold shareholder and creditor meetings for a proposed scheme to demerge Renault Nissan's Powertrain Manufacturing Business into Renault India Powertrain Private Limited.A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam passed the order on August 11, 2026.Under the scheme, Renault-Nissan's Powertrain...
NCLT Delhi Allows First Motion In Jakson Limited's Demerger Into Jakson Powergen, Orders Creditor Meetings
The Delhi bench of the National Company Law Tribunal (NCLT) has recently allowed the first motion application filed by Jakson Limited and Jakson Powergen Limited for a proposed demerger. Under the scheme, Jakson Limited is the demerged company, and Jakson Powergen Limited is the resulting company. The bench directed Jakson Limited to convene meetings of its secured and unsecured creditorsThe bench comprising Judicial Member Jyotsna Sharma and Technical Member Anu Jagmohan Singh dispensed with...
NCLT Delhi Directs Stakeholder Meetings For Avinya Batteries-PPAP Automotive Amalgamation
The Delhi Bench of the National Company Law Tribunal (NCLT) has directed the convening of meetings of creditors of Avinya Batteries Limited and meetings of equity shareholders and creditors of PPAP Automotive Limited to consider the proposed scheme of amalgamation of Avinya Batteries into PPAP Automotive. The Tribunal, however, dispensed with the meeting of Avinya Batteries' shareholders, as all seven equity shareholders had consented to the scheme.The bench comprising Judicial Member Justice...
NCLT Delhi Approves Western UP Tollway Scheme, Slashing Equity Capital From ₹114.87 Crore To ₹1.48 Crore
The New Delhi bench of the National Company Law Tribunal (NCLT) has sanctioned a scheme of arrangement for Western UP Tollway Pvt. Ltd. The scheme cuts paid-up equity share capital from Rs 114.87 crore to Rs 1.48 crore.The bench comprising Judicial Member Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi observed that the scheme did not appear prejudicial to shareholders or creditors.“This Tribunal is of the considered view that the Scheme of Arrangement proposed amongst the...
Conditional Votes Cannot Be Treated As Unconditional Approval Of Companies Act Revival Scheme: Delhi High Court
The Delhi High Court recently ruled that votes cast “for, with modification” cannot automatically be treated as unconditional assent to a Revival Scheme under the Companies Act, 1956.The court must first examine the legal effect of the conditions attached to those votes before deciding whether they amount to approval of the Scheme.“A vote cast “for” the Scheme simpliciter expresses assent to the Scheme as placed before the meeting. A vote cast “for, with modification” is, by its very...
Supreme Court Dismisses NSEL Plea For Joint Trial In Two CBI Cases Over 2013 Payment Crisis
The Supreme Court on Wednesday dismissed National Spot Exchange Ltd.'s (NSEL) challenge to the Bombay High Court's March 27, 2026 judgment. The Bombay High Court had refused to direct a joint trial in two CBI cases arising from the alleged 2013 NSEL payment crisis.A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and V. Mohana held that, "No case to interfere with the impugned order passed by the High Court is made out. The Special Leave Petition is,...
Delhi High Court Upholds Restoration Of Shareholding After 964 Shares Allotted During Restraint Order
The Delhi High Court has upheld an order directing restoration of the shareholding pattern of Moral Properties Private Limited after its Board allotted 964 fresh shares while a restraint order concerning the company's properties was in force.Justice Manoj Kumar Ohri dismissed an appeal against the order passed by the Additional District Judge, South District, Saket Courts, which found that the allotment violated the restraint order and directed restoration of the earlier shareholding pattern.The...
Company Cannot Deny Employee Equity By Relying On Its Own Failure To Frame ESOP Scheme: Bombay High Court
The Bombay High Court has recently held that a company cannot rely on its own failure to frame an Employee Stock Option Plan (ESOP) to deny an employee equity that was offered as part of his remuneration package.Justice N.J. Jamadar made the observation while dismissing Waterfield Advisors Private Limited's petition under Section 34 of the Arbitration and Conciliation Act, 1996. The company had challenged an arbitral award directing it to allot 31,878 equity shares to its former Director...
NCLT Ahmedabad Sanctions Vitanosh-Lactose India Merger, Condones Filing Delay
The Ahmedabad National Company Law Tribunal (NCLT) on 5 August sanctioned the Scheme of Amalgamation of Vitanosh Ingredients Pvt. Ltd. with Lactose (India) Ltd., holding that the scheme was prima facie beneficial to the companies and would not prejudice their shareholders or creditors. A Bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma condoned the procedural delay in filing the application and made the scheme effective from the Appointed Date of 1 October 2024, making...
NCLT Mumbai Dismisses SFIO's ₹100.50 Crore Disgorgement Plea Over Aircel Shareholding Transaction
The National Company Law Tribunal's (NCLT) Mumbai bench has dismissed the Serious Fraud Investigation Office's plea seeking disgorgement of ₹100.50 crore over a transaction involving shareholders of Aircel Group entities holding that the payment did not take place in the affairs of the Aircel entities.The dispute centred on an IP Call Option Agreement dated January 20, 2006, under which Sindya Securities & Investments Pvt Ltd (SSIPL) had an option to acquire 24,324,324 shares held by Deccan...