NCLT
Share Capital Reduction A 'Domestic Decision', Minority Shareholders Can't Veto It: NCLT Chennai
The National Company Law Tribunal (NCLT) at Chennai has approved a scheme of reduction of share capital for Ocean Healthcare Private Limited, holding that the reduction of share capital under Section 66 of the Companies Act is a “Domestic decision” of the company, with minority shareholders not having a “Veto Right”. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam passed the order. Referring to precedents, the Bench observed: "It is imperative to take note...
NCLT Indore Directs Meetings In HEG Demerger, Bhilwara Energy Merger; Some Meetings Dispensed
The Indore bench of the National Company Law Tribunal (NCLT) has recently issued directions on convening and dispensing with meetings of shareholders and creditors in the proposed Composite Scheme of Arrangement involving HEG Ltd, HEG Graphite Ltd, and Bhilwara Energy Ltd.The order was passed by the bench of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan GuptaHEG Ltd is a leading company in the manufacturing of graphite electrodes. HEG's shares are listed on the BSE and...
NCLT Mumbai Compounds Companies Act Violations By Wadhwagroup Directors On Payment Of ₹36.10 Lakh
The National Company Law Tribunal (NCLT) at Mumbai has compounded offences by directors of Wadhwagroup Holdings Pvt Ltd, a real estate firm, for failure to file consolidated financial statements and for not charging depreciation on investment properties in accordance with accounting standards. The order was passed by a bench of Judicial Member K. R. Saji Kumar and Technical Member Anil Raj Chellan, held that the admitted defaults warranted compounding subject to payment of a fee The...
Statutory Auditors Cannot Claim Blanket Immunity Under Section 339 Of Companies Act: NCLT Mumbai
The Mumbai National Company Law Tribunal (NCLT) on 24 March, held that statutory auditors cannot claim blanket immunity under Section 339 of the Companies Act if they are found to have facilitated or consciously ignored fraudulent conduct. A Bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order in proceedings initiated by the Union of India to investigate IL&FS and its group entities, and implead its auditors SRBC & Co LLP and BSR...
NCLT Kochi Allows First Motion In Scheme To Merge 51 Malabar Group Companies Into Malabar Gold
The National Company Law Tribunal (NCLT) Kochi on Wednesday allowed the first-motion application in a composite scheme of amalgamation involving the merger of 51 Malabar Group companies into Malabar Gold and Diamonds Limited. The order was passed by Judicial Member Vinay Goel on a joint application filed under Sections 230-232 of the Companies Act seeking directions regarding meetings of shareholders and creditors for approval of the proposed scheme. The tribunal dispensed with meetings in 10...
NCLT Delhi Clears First Motion For Amalgamation Between Equinox India Infraestate And Spero Properties
The Delhi Bench of the National Company Law Tribunal (NCLT) on Wednesday allowed a first-motion application relating to a proposed amalgamation of Equinox India Infraestate Limited with Spero Properties and Services Private Limited. A coram of Judicial Member Jyotsna Sharma and Technical Member Anu Jagmohan Singh, after noting that the equity shareholders, secured creditors, and unsecured creditors of the transferee company had given their written consent, dispensed with the requirement of...
NCLT Mumbai Allows First Motion For Merger Of Tata Group Firm Rujuvalika Investment Into Tata Steel
The National Company Law Tribunal at Mumbai on Wednesday allowed a first-motion application for the proposed merger of Rujuvalika Investment Ltd, a Tata group company, into Tata Steel Ltd. A coram of Judicial Member Ashish Kalia and Technical Member Sanjiv Dutt passed directions for regulatory compliances and issuance of notices to statutory authorities while dealing with the first-motion plea. The scheme, jointly filed by the companies on May 27, 2025 under Sections 230 to 232 of the...
NCLT Mumbai Upholds SFIO's Authority To Act On Behalf Of Union Of India In IL&FS Case, Rejects Locus Challenge
The National Company Law Tribunal (NCLT) at Mumbai has upheld the locus standi of the Serious Fraud Investigation Office (SFIO) to file an application on behalf of the Union of India in proceedings arising out of the IL&FS matter, rejecting objections that the agency lacked authority to institute such proceedings. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that the application filed through SFIO was maintainable and could not be rejected on...
NCLT Kolkata Sanctions Merger Of Group Companies Sresta Natural Bioproducts, Wimco Into ITC
The National Company Law Tribunal (NCLT) at Kolkata has sanctioned a scheme of amalgamation under which Sresta Natural Bioproducts Pvt Ltd, which operates in organic packaged foods, and Wimco Ltd, an inactive group company, are being merged into their parent ITC LimitedA coram of Judicial Member Labh Singh Technical Member Rekha Kantilal Shah passed the order. The scheme was approved by the respective boards of the companies on August 1, 2025. ITC, the transferee company, had earlier acquired...
NCLT Mumbai Allows BASF India's First Motion In Demerger Scheme, Dispenses With Meetings Of Shareholders, Creditors
The National Company Law Tribunal (NCLT) at Mumbai on Friday allowed a plea filed by BASF India Ltd and BASF Agricultural Solutions India Ltd seeking directions in relation to a proposed demerger of the agricultural solutions business. A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar was dealing with an application under Sections 230 to 232 of the Companies Act seeking dispensation of meetings of shareholders and creditors. The scheme was approved by the...
NCLT Chennai Allows First-Motion Application In Veranda Learning Amalgamation-Demerger Scheme
The Chennai Bench of the National Company Law Tribunal on 18 March allowed the first motion application for a composite scheme of amalgamation and demerger involving Veranda Learning Solutions Ltd, J.K. Shah Commerce Education Ltd, and Veranda XL Learning Solutions Pvt Ltd. A Bench comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam considered a batch of applications filed under Sections 230–232 of the Companies Act, 2013, relating to the composite scheme. It...
NCLT Chennai Directs TVS Holdings' Shareholders' Meeting for Surplus Reserve Scheme
On 18 March, the National Company Law Tribunal, Chennai directed TVS Holdings Ltd to hold a meeting of its equity shareholders to approve a plan for using surplus reserves. It also dispensed meetings for unsecured creditors and debenture holders as they had already given their consent. A Bench of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam heard the company's application under Sections 230–232 of the Companies Act, 2013, which sought approval for a scheme to...