NCLT Mumbai Allows First Motion Plea For Merger Of Hinduja Leyland Finance Into NDL Ventures

The Mumbai Bench of the National Company Law Tribunal (NCLT) on 17 June allowed a first-motion application relating to the proposed merger of Hinduja Leyland Finance Limited (HLFL), an RBI-registered non-banking financial company (NBFC), into NDL Ventures Limited. A Bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar heard an application filed under Sections 230 and 232 of the Companies Act, 2013 and passed the order. The scheme provides for the...

NCLT Mumbai Allows First Motion Plea In Merger Of News18 Marathi With Network18

On 17 June, the Mumbai Bench of the National Company Law Tribunal (NCLT) allowed a first motion application seeking directions regarding the proposed merger of News18 Marathi Private Limited with its holding company Network18 Media & Investments Limited. A Bench comprising Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan passed the order on a joint application filed under Sections 230 to 232 of the Companies Act, 2013. The applicant companies informed the Tribunal that...

NCLT Mumbai Approves NSE Academy's ₹241.32 Crore Preference Share Capital Reduction

The Mumbai Bench of the National Company Law Tribunal (NCLT) has recently approved NSE Academy Limited's proposal to reduce up to ₹241.32 crore of its paid-up preference share capital. The company had proposed the reduction after selling its investments in TalentSprint India Private Limited and TalentSprint Inc., stating that it held surplus cash and liquid investments following the transaction. A bench of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt allowed the company's...

NCLT Ahmedabad Dispenses With Palco Recycle Shareholders' Meeting, Directs Other Stakeholder Meetings

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed Palco Metals Limited to convene meetings of its equity shareholders and unsecured creditors within 45 days in connection with a proposed amalgamation with its wholly owned subsidiary, Palco Recycle Industries Limited. The tribunal also directed Palco Recycle to hold meetings of its secured and unsecured creditors during the same period, while dispensing with the transferor company's equity shareholders' meeting.The...

NCLT Ahmedabad Orders Restoration Of 21,000 Ambuja Cements Shares To Original Holders

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has directed Ambuja Cements Limited to rectify its Register of Members by restoring two shareholders as joint holders of 21,000 equity shares and removing the name of another individual. The tribunal held that the transfer in his favour remained unsubstantiated. The bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma allowed an appeal filed by Ambuja Cements Limited seeking correction of the register after...

Union Govt. Authorised SFIO Officer Can File Winding Up Petition Under Companies Act: NCLT Kolkata

On 12 June, the Kolkata Bench of the National Company Law Tribunal (NCLT) held that a person authorised by the Central Government can validly institute winding-up proceedings under Sections 271 and 272 of the Companies Act, 2013. Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra dismissed an application filed by MPS Greenery Developers Ltd seeking dismissal of a winding-up petition that the Serious Fraud Investigation Office (SFIO) had filed on behalf of the Union of India...

NCLT Ahmedabad Refuses Release Of BluSmart's ₹9.15 Crore DSRA Funds Amid Probe Into Gensol Group Companies

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has recently refused to permit release of Rs 9.15 crore kept in a debt service reserve account (DSRA) linked to Blu-Smart Charge Pvt. Ltd., observing that the amount should remain preserved while investigations continue into the wider Gensol-BluSmart group's Rs 166 crore fund trail. A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma noted that questions surrounding the disappearance, release and set-off of...

Eros Challenges NCLT Order Referring Colour Yellow Productions Dispute With Aanand L Rai to Arbitration

Eros International Media Limited has approached the National Company Law Appellate Tribunal (NCLAT) against an order that sent to arbitration its dispute with the promoters of Colour Yellow Productions Pvt. Ltd., including filmmaker Aanand L. Rai. A bench of Judicial Member Justice Sharad Kumar Sharma and Technical Member Arun Baroka took up the appeal on Monday and sought responses from the respondents. The challenge is directed against an April 28 order of the Mumbai bench of the National...

NCLT Chandigarh Admits RoC Plea To Wind Up Siraj-Ul-Uloom Welfare Foundation

The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 11 June admitted a petition filed by the Registrar of Companies (RoC), Jammu & Kashmir and Ladakh, seeking winding up of Siraj-Ul-Uloom Welfare Foundation under Section 271(b) of the Companies Act, 2013. Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal observed: “..we are prima facie satisfied that the Respondent Company has been used as a vehicle for activities prejudicial to the sovereignty,...

NCLT Allahabad Allows First Motion For KFPL–FPL Demerger Of Fleather Business

The Allahabad Bench of the National Company Law Tribunal (NCLT) on 10 June, allowed the first motion application filed by Kanpur Flowercycling Pvt. Ltd. (KFPL) and Fleather Pvt. Ltd. (FPL), approving the proposed demerger of KFPL's Fleather Business into FPL. Judicial Member Praveen Gupta and Technical Member Ashish Verma passed the order and directed convening of requisite meetings for consideration of the scheme. The Tribunal observed: “Since, the Applicant Resulting Company does not have...

NCLT Kochi Allows First Motion For Foam Mattings–KSCCL Amalgamation Scheme

The Kochi Bench of the National Company Law Tribunal (NCLT) on 1 June allowed the first motion application for the proposed amalgamation of Foam Mattings (India) Limited (FOMIL) with The Kerala State Coir Corporation Limited (KSCCL). Judicial Member Vinay Goel and Technical Member Ravichandran Ramasamy dispensed with meetings of secured creditors after noting that creditors representing 100 per cent of the secured debt had given consent affidavits. The Bench observed: “Under Section 230(9) of...

NCLT Indore Clears First-Motion Application For Demerger Of Indo Thai Securities' Broking Undertaking

The Indore Bench of the National Company Law Tribunal (NCLT) has allowed a first-motion application filed by Indo Thai Securities Limited (ITSL) and its wholly owned subsidiary, Indo Thai Financial Services Limited (ITFSL), in connection with a proposed demerger of ITSL's broking and distribution business. The order was passed on June 10 by a bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta. ITSL, incorporated in 1995, is a listed company engaged in broking...