NCLT Mumbai Approves Merger Of Tata Group Firm Rujuvalika Investments Into Tata Steel

The National Company Law Tribunal at Mumbai has sanctioned merger of Rujuvalika Investments Limited, a wholly owned subsidiary of Tata Steel Limited into Tata Steel.A coram of Judicial Member Ashish Kalia and Technical Member Banwari Lal Meena while approving the second motion application, said “From the materials available on record, the Scheme appears to be fair and reasonable and is not in violation of any provisions of law or contrary to public interest/policy.” The Tribunal noted that...

Asics India-Onitsuka Tiger Demerger: NCLT Chandigarh Allows First Motion Application

The Chandigarh bench of the National Company Law Tribunal (NCLT) has allowed the first motion application filed by Asics India Private Limited and OT India Private Limited for the proposed demerger of Asics India's Onitsuka Tiger business.The tribunal, comprising Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh, also dispensed with the requirement of convening meetings of the companies' equity shareholders and creditors.Asics and Onitsuka Tiger are two separate...

NCLT Allahabad Approves Magnum Ventures' Demerger Of Paper Business Into Magnum Paperz

The Allahabad bench of the National Company Law Tribunal (NCLT), has allowed the First Motion Application filed jointly by Magnum Ventures Limited (Demerged Company) and Magnum Paperz Limited (Resulting Company) under the Companies Act, 2013 proposing the demerger of the paper business from Magnum Ventures into Magnum Paperz.The order was passed by the bench of Judicial Member Praveen Gupta and Technical Member Ashish VermaMagnum Ventures Limited operates two distinct verticals, paper...

NCLT Delhi Sanctions Merger Of Sesa Care With Dabur India

The New Delhi bench of the National Company Law Tribunal (NCLT) has sanctioned the amalgamation of Sesa Care Private Limited with Dabur India Limited, approving the merger of the ayurvedic personal care company with the listed FMCG major.The order was passed on September 24 by Judicial Member Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi.Sesa Care, incorporated in 2018, manufactures, purchases and sells ayurvedic personal care and wellness products. Dabur is engaged in the...

NCLT Mumbai Allows First Motion Merger Of CIE Aluminium Casting With CIE Automotive India

The National Company Law Tribunal, Mumbai has allowed the first motion application for the merger by absorption of CIE Aluminium Casting India Ltd with CIE Automotive India Ltd, under Sections 230-232 of the Companies Act, 2013. A coram of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan dispensed with the meetings of shareholders and creditors, as the transferor is wholly owned by the transferee and the scheme does not involve any compromise or diminution of creditors'...

NCLT Mumbai Vacates Property Attachment Of PNB Officers In Nirav Modi-Mehul Choksi Fraud Case

The National Company Law Tribunal at Mumbai has vacated the attachment of few properties in proceedings arising from the alleged fraud involving Nirav Modi, Mehul Choksi, and Gitanjali Gems.The tribunal partly allowed applications filed by Punjab National Bank officers Becchu Tiwari and Prafull Sawant. However, it refused to dismiss the company petition against them.The tribunal held that their individual role and knowledge of the alleged fraud would have to be examined on the basis of...

NCLT Mumbai Approves Vidarbha Industries Power Merger With Adani Power

The National Company Law Tribunal's Mumbai Bench has sanctioned the merger of Vidarbha Industries Power Limited with Adani Power Limited as part of a larger scheme under which 10 Adani Group companies are being amalgamated into Adani Power.A bench of Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati held that the merger scheme appeared fair and reasonable, not violative of law or contrary to public policy.The Tribunal said,"From the material on record, the Scheme of...

NCLT Bengaluru Approves India1 Payments' Share Capital Reduction To Facilitate ₹69.99 Cr. Investor Exit

The National Company Law Tribunal at Bengaluru has approved the reduction of share capital of India1 Payments Limited, involving cancellation of 45,16,129 equity shares held by IDBI Trusteeship Company Limited, trustee for India Advantage Fund S3 I, for an aggregate consideration of ₹69.99 crores. A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada passed the order. The Bench held:“In the circumstances, it is hereby ordered that the reduction of share...

NCLT Mumbai Approves Second Motion For Composite Scheme Of Parle Products Demerger, Parle Biscuits Merger

On 23 September, the National Company Law Tribunal (NCLT), Mumbai sanctioned a Composite Scheme of Arrangement involving the demerger of specified undertakings and amalgamation of Parle Products Private Limited with Parle Biscuits Private Limited, finding the scheme fair and reasonable and not contrary to law or public policy. A Bench comprising Technical Member Prabhat Kumar and Judicial Member Sushil Mahadeorao Kochey approved the second motion petition involving Parle Products, Parle Brands...

Allahabad NCLT Approves First Motion For Roto Energy Systems-Roto Pumps Merger, Dispenses With Meetings

The Allahabad Bench of the National Company Law Tribunal (NCLT) on 15 September approved the First Motion application for the merger of Roto Energy Systems Ltd. with its parent company, Roto Pumps Ltd., under the Companies Act, 2013. A Bench comprising Judicial Member Praveen Gupta and Technical Member Ashish Verma dispensed with the meetings of shareholders and creditors of both companies, noting the consents and submissions placed on record. It permitted the companies to proceed with the...

NCLT Chennai Approves First Motion In Niyogin Fintech, Niyogin Finserv Composite Scheme

The National Company Law Tribunal at Chennai has allowed the first motion application filed by Niyogin Fintech Limited, Niyogin Finserv Limited and iServeU Technology Private Limited in relation to a proposed Composite Scheme of Arrangement. The shares of Niyogin Fintech Limited are listed on the Bombay Stock Exchange. A coram of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam passed the order. The companies submitted that the Scheme proposes to demerge Niyogin...

Byju's Settles Rights Issue Dispute With Aakash Before NCLT Bengaluru

The National Company Law Tribunal (NCLT) at Bengaluru was on Wednesday informed that Think & Learn Private Limited, the parent company of Byju's, and Aakash Educational Services Limited have reached a settlement in their dispute over Aakash's rights issue. Senior Advocate Abhinav Vasisht, appearing for the Resolution Professional of Think & Learn, and Senior Advocate C.K. Nandakumar, representing Aakash, informed the Tribunal about the settlement. The submission was made before...