NCLT Kochi Restrains Popular Finance Group Companies From Alienating Assets In SFIO-Initiated Winding-Up Pleas

The National Company Law Tribunal (NCLT) at Kochi has restrained Mary Rani Popular Nidhi Limited and other group companies from creating any third-party interest in, transferring, alienating, encumbering, or mortgaging its movable and immovable assets while considering a winding-up petition filed by the Union of India through the Serious Fraud Investigation Office (SFIO). The development comes months after the Kerala High Court closed a plea filed by the MRPN Minority Shareholders Customers...

NCLT Bengaluru Sanctions Amalgamation Scheme Of Wholly Owned Subsidiaries Into Kirloskar Electric

The Bengaluru Bench of the National Company Law Tribunal (NCLT) on 30 April 2026 sanctioned the amalgamation of Kelbuzz Trading Company Limited, Luxquisite Parkland Private Limited, SLPKG Estate Holdings Private Limited and SKG Terrra Promenade Private Limited with Kirloskar Electric Company Limited under the Companies Act, 2013.Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada allowed the second motion petition filed by the companies and approved the Scheme of...

NCLT Bengaluru Clears First Motion In Jigsaw Academy-Unext Learning Merger

The National Company Law Tribunal (NCLT) at Bengaluru has allowed the first motion application in the proposed amalgamation of Jigsaw Academy Education Private Limited with Unext Learning Private Limited. A bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada was dealing with the first motion application filed by the companies in relation to the proposed scheme of amalgamation. The companies stated that their respective boards approved the Scheme of...

NCLT Chennai Dismisses Oppression Plea Against Aum Consultancy, Calls Dispute Contractual

The Chennai Bench of the National Company Law Tribunal (NCLT) on 6 May dismissed a petition filed by H. Ramesh against Aum Consultancy Private Limited alleging oppression and mismanagement in the affairs of the company. Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam held that the disputes raised were contractual in nature and did not disclose any continuing oppressive conduct under Sections 241 and 242 of the Companies Act. The Bench observed: “The requirement under...

NCLT Chennai Sanctions Amalgamation of Sundaram Auto Components With TVS Motor Company

The Chennai Bench of the National Company Law Tribunal (NCLT) on 6 May approved a Scheme of Arrangement providing for the amalgamation of Sundaram Auto Components Limited (transferor company) with its holding company, TVS Motor Company Limited (transferee company). Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam passing the order sanctioning the scheme between the two companies, observed: “In the absence of any other objections having been placed on record before this...

NCLT Kochi Allows MFAR Enterprises To Issue Fresh Preference Shares Under Section 55(3) Companies Act

The National Company Law Tribunal (NCLT) at Kochi on 8 May held that Section 55(3) of the Companies Act, 2013 operates as an independent remedial mechanism where a company is unable to redeem existing preference shares, and permitted issuance of further redeemable preference shares in substitution of unredeemed shares. A Bench of Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy allowed MFAR Enterprises Private Limited's petition seeking permission to issue further...

NCLT Chennai Approves Lancor Group Amalgamation, Rejects Objections On Alleged Diversion Of Funds

The Chennai Bench of the National Company Law Tribunal (NCLT) on 27 April held that objections relating to alleged diversion of funds, an ante-dated appointed date, and shareholding structure cannot defeat an otherwise compliant scheme of amalgamation under Section 232 of the Companies Act, 2013, where no prejudice to stakeholders is demonstrated. The Bench comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam approved the amalgamation of Lancor Maintenance and...

Litigants Cannot Blame Previous Counsel For Own Inaction: NCLT Kochi Refuses To Recall Ex Parte Order

The National Company Law Tribunal (NCLT) at Kochi has refused to recall an ex parte order passed against individuals accused of oppression and mismanagement in Green Hearts Private Limited, finding that they failed to diligently contest the proceedings despite repeated opportunities. “The litigant is under a bounden duty to remain vigilant and diligent in pursuing his/their cause and the proceedings arising therefrom,” Judicial Member Vinay Goel observed. "The Applicant has sought to shift the...

High Courts Cannot Bypass Statutory Remedy Through Writ Jurisdiction: NCLAT Chennai

The Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 30 April held that High Courts should not ordinarily exercise writ jurisdiction under Article 226 when a statutory appellate remedy exists under the Companies Act framework. A Bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain also held that litigants cannot seek exclusion of time under Section 14 of the Limitation Act, 1963 when they approach the wrong forum without acting in...

NCLT Chennai Sanctions Amalgamation Of Accel Media Ventures With Accel Limited

The Chennai Bench of the National Company Law Tribunal (NCLT) has sanctioned a Scheme of Amalgamation between Accel Media Ventures Limited and Accel Limited under Sections 230–232 of the Companies Act, 2013. A Bench comprising Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy passed the order allowing the second motion petition, noting that the arrangement is not prima facie detrimental to the interests of members and meets statutory requirements for approval. It...

Company Auditor's General Observation Not Adverse Remark, Can't Trigger Criminal Liability: Bombay High Court

The Bombay High Court at Goa on Monday quashed criminal proceedings initiated against the directors of a company under the Companies Act, 1956, holding that the auditor's remark was merely a general observation or recommendation and did not constitute a “reservation, qualification, or adverse remark” so as to attract penal liability. A bench of Justice Ashish S. Chavan was dealing with a writ petition filed by the directors of Timblo Private Limited challenging the order of the Judicial...

NCLT Kochi Dismisses ₹2.5 Crore Preference Shares Redemption Plea Against Jatayupara Tourism

The National Company Law Tribunal (NCLT) at Kochi has refused a Rs. 2.5 crore payout sought by an investor in the Jatayupara Tourism project, holding that preference shares cannot be redeemed outside the limits prescribed under the Companies Act. Under Section 55 of the Companies Act, preference shares can be redeemed only out of a company's profits or from proceeds of a fresh issue of shares. A coram of Judicial Member Vinay Goel was considering an application filed by Haridas Krishnan Kutty...