NCLT
NCLT Mumbai Approves First Motion For Demerger Of Dairy Undertaking Of Sarda Dairy Into Chhattisgarh Investments
The National Company Law Tribunal (NCLT) at Mumbai has allowed the first motion application in a scheme providing for the demerger of the dairy undertaking of Sarda Dairy & Food Products Ltd into Chhattisgarh Investments Ltd. The scheme provides for reorganisation of reserves, reduction of share capital and demerger of the dairy undertaking into Chhattisgarh Investments Ltd. The order was passed by a coram of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan on...
NCLT Mumbai Clears First Motion For Merger Of Tech Mahindra's Three Wholly Owned Subsidiaries
The National Company Law Tribunal (NCLT) at Mumbai has allowed the first motion application in a scheme to merge three wholly owned subsidiaries of Tech Mahindra Ltd, namely Zen3 Infosolutions Pvt Ltd, Tech Mahindra Enterprise Services Ltd and Begig Pvt Ltd, with the parent company.The order was delivered on February 12, 2026 in a Company Application filed under Sections 230 to 232 of the Companies Act, 2013. The scheme had earlier been approved by the boards of the four companies on April 24,...
Oppression Petition Not Maintainable Where The Principal Relief Sought Is Winding Up: NCLT Amaravati
The National Company Law Tribunal at Amaravati recently held that a petition alleging oppression and mismanagement cannot be used as a substitute for winding-up proceedings, and that maintainability must be tested on the basis of the pleadings as originally filed. The Tribunal reiterated that a petition inherently defective at inception cannot be cured by subsequently abandoning a substantive prayer. On 11 February, a Bench comprising Judicial Member Kishore Vemulapalli and Technical Member...
NCLT Chandigarh Clears First Motion For Panasonic Life Solutions To Demerge Its White Goods Business
The National Company Law Tribunal (NCLT) at Chandigarh has allowed the first-motion application seeking directions to convene meetings in connection with a composite scheme of demerger proposed by Panasonic Life Solutions India Pvt Ltd and Panasonic India Pvt Ltd. The scheme provides for the demerger of the white goods business of Panasonic Life Solutions India and its vesting in Panasonic India Pvt Ltd. The order was passed by a coram comprising Judicial Member Khetrabasi Biswal and Technical...
Coercive Action Against Members Backing Oppression, Mismanagement Cases Undermines Statutory Rights: NCLT Kolkata
The National Company Law Tribunal (NCLT) at Kolkata has granted limited interim protection to the former president of Asansol Club Ltd and another supporting member. It observed that allowing disciplinary or coercive action against members backing oppression and mismanagement proceedings during their pendency could undermine the very object of the Companies Act. A coram comprising Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra allowed an application seeking waiver of the...
NCLT Ahmedabad Sanctions Merger Of Sanghi Industries With Ambuja Cements
The National Company Law Tribunal (NCLT) at Ahmedabad has approved a cement-sector merger, clearing the amalgamation of Sanghi Industries Limited into Ambuja Cements Limited. A bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma sanctioned the composite scheme of merger under Sections 230 to 232 of the Companies Act, 2013, by an order dated 9 February 2026. The tribunal held that the scheme is “prima facie beneficial to the Companies and will not be in any way...
NCLT Kochi Allows Kitex Group Companies To Proceed With Proposed Demerger
The National Company Law Tribunal (NCLT) at Kochi has cleared the first procedural step in a proposed demerger between the Kitex group. A business undertaking of Kitex Childrenswear Limited is proposed to be transferred to the listed company Kitex Garments Limited. The tribunal has dispensed with several shareholder and creditor meetings while directing votes by public shareholders and unsecured creditors.Part of the Kitex group, Kitex Garments Limited is a Kerala-based exporter of children's...
Company Cannot Cite Its Own Companies Act Breach To Defeat Insolvency Plea Over Unpaid Deposits: NCLAT
The National Company Law Appellate Tribunal (NCLAT)at New Delhi has held that a company cannot evade repayment of deposits by relying on its own violation of the Companies Act, while allowing an appeal against rejection of an insolvency petition.A coram of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra observed that the company was attempting to take advantage of its own wrongdoing in accepting deposits, which is impermissible in law.“..the respondent company is trying to...
Share Transfers During Liquidation Not Absolutely Barred, Subject To Tribunal Approval: NCLT Chennai
The National Company Law Tribunal (NCLT) at Chennai has permitted the transfer of shares held in a company undergoing liquidation, holding that such transfers are not absolutely barred and may be allowed with the Tribunal's approval. “The very existence of Section 334 presupposes that transfers during liquidation are not absolutely barred, but are subject to scrutiny and validation by the Adjudicating Authority. The settled legal position, as consistently held in judicial precedents relied upon...
NCLT Mumbai Clears JM Baxi Group's Scheme to Demerge Container and Corporate Services Businesses
The National Company Law Tribunal (NCLT) at Mumbai has recently approved a second motion petition filed by JM Baxi group entities, the ports and logistics operator, clearing the scheme of arrangement to demerge and reorganise its container and corporate services businesses into separate resulting companies. A coram of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer noted that the companies had fulfilled all statutory compliances and the scheme was fair and...
NCLT Delhi Rejects Jindal Poly Films' Objection, Allows Minority Shareholders' Class Action To Proceed
The National Company Law Tribunal (NCLT) at New Delhi has rejected an objection raised by Jindal Poly Films Limited challenging the maintainability of a class action petition filed by its minority shareholders to move forward. The company had contended that the petition was, in substance, a derivative action seeking relief for the company and was therefore not maintainable as a class action under Section 245 of the Companies Act, 2013. The tribunal ruled that Section 245 of the Companies...
NCLT Orders Winding Up Of Netwealth Agrotech Over Fraudulent Deposit Schemes
The National Company Law Tribunal (NCLT) at Mumbai has ordered the winding up of Netwealth Agrotech India Ltd, holding that the company's affairs were conducted in a fraudulent manner through unauthorised deposit-like schemes that resulted in large-scale cheating of the public. “The findings of the investigation conducted by Regional Director (Western Region), Mumbai, under the Ministry of Corporate Affairs, Government of India, reveal that the Company had floated and operated unauthorised...