NCLT Ahmedabad Sanctions Merger Of 10 Adani Power Subsidiaries Into Parent Company

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has sanctioned a Scheme of Amalgamation for the merger of ten Adani Power subsidiaries into Adani Power Limited. The bench held that the proposal complied with the requirements of the Companies Act and adequately addressed the concerns raised by regulators.The order was passed by Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy. The bench observed, "Further, in the joint petition filed under...

NCLT Ahmedabad Orders Shareholder, Creditor Meetings For IRM Energy-Enertech Amalgamation Scheme

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has allowed a joint application filed by Enertech Distribution Management Pvt. Ltd. and IRM Energy Ltd. in connection with their proposed scheme of amalgamation. The tribunal directed meetings of IRM Energy's equity shareholders and unsecured creditors. It dispensed with meetings of Enertech's equity shareholders and unsecured creditors, as well as IRM Energy's secured creditors, after recording the requisite consents.A bench of...

US-Based Investors Move NCLT Kolkata Against Manipal Hospitals Synergie Over 2007 Share Dilution

A group of US-based doctors and medical practitioners, who were among the seed investors in Medica Synergie Private Limited, have moved the National Company Law Tribunal (NCLT) Kolkata, alleging oppression and mismanagement. They claim their shareholding in the company, now known as Manipal Hospitals Synergie Private Limited, was diluted through several actions, mainly through the issue of sweat equity shares. The petition specifically challenges a resolution passed at an Extraordinary General...

NCLT New Delhi Sanctions Fybros Moddular-Balar Marketing Merger, Holds Scheme Fair And Reasonable

The New Delhi National Company Law Tribunal (NCLT) on 15 July sanctioned the amalgamation scheme between Fybros Moddular Pvt. Ltd. and Balar Marketing Pvt. Ltd., holding that the merger was fair, reasonable and not prejudicial to the interests of shareholders or creditors. A Bench comprising Judicial Member Bachu Venkat Balaram Das and Technical Member Ravindra Chaturvedi approved the scheme under the Companies Act, 2013, after considering the reports of statutory authorities and the companies'...

NCLT Ahmedabad Allows First Motion In ACC-Ambuja Cements Merger, Dispenses With Creditor Meetings

The Ahmedabad National Company Law Tribunal (NCLT) on 29 July allowed the first motion petition for the amalgamation of ACC Limited with Ambuja Cements Limited, permitting shareholder meetings while dispensing with meetings of creditors. A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma allowed the applications and directed that meetings of equity shareholders of both companies be convened. The scheme proposes the merger of ACC Limited (Amalgamating Company)...

NCLT Ahmedabad Allows First Motion Application For Amalgamation Of Five Renewable Energy Companies

The Ahmedabad National Company Law Tribunal (NCLT) on 2 July allowed the first motion application filed for the amalgamation of Sukavala Renewable Energy Private Limited, Pipartoda Renewable Energy Private Limited, Amreli Renewable Energy Private Limited and Raipar Renewable Energy Private Limited into Ratabhe Renewable Energy Private Limited. A Bench comprising Judicial Member Chitra Hankare and Technical Member Dr. VG Venkata Chalapathy passed the order on the application seeking directions...

NCLT Ahmedabad Allows First Motion For Rubamin's Zinc And Copper Business Demerger

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has allowed the first motion application jointly filed by Rubamin Private Limited (Demerged Company) and Rubamin IGNISS Private Limited (Resulting Company) in connection with a scheme of arrangement to demerge the zinc and copper businesses from the former into the latter.A bench of Judicial Member Chitra Hankare and Technical Member Dr. Velamur G. Venkata Chalapathy observed that there was no requirement to convene a meeting of the...

Time-Barred Claim Does Not Disqualify Creditor From Seeking Probe Into Company's Affairs: NCLT Chennai

The Chennai National Company Law Tribunal on 7 July held that a creditor's claim being barred by limitation does not take away its status as a creditor for filing a petition under Section 213 of the Companies Act, 2013, while clarifying that allegations of statutory violations, pending disputes or procedural defaults alone cannot justify an investigation into a company's affairs. A Bench of Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam dismissed a petition filed by...

NCLT Allahabad Sanctions India Glycols' Demerger Of Biopharma, Spirits & Biofuel Businesses

The Allahabad bench of the National Company Law Tribunal (NCLT) has recently sanctioned the scheme of arrangement proposed by India Glycols Limited, involving the demerger of its Biopharma and Spirits & Biofuel undertakings into Ennature Bio Pharma Limited and IGL Spirits Limited, respectively.The bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma passed the order and observed:“The Scheme of Arrangement appears to be in conformity with the provisions of Sections 230 to...

NCLT Ahmedabad Allows Electrotherm To Reissue Preference Shares Due To Lack Of Redemption Profits

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on 21 July allowed Electrotherm (India) Limited to issue fresh redeemable preference shares in place of existing unredeemed preference shares, holding that accounting profits alone do not permit redemption unless such profits are legally available for declaration of dividend. A Bench comprising Judicial Member Shammi Khan and Technical Member Sanjeev Sharma passed the order while allowing the petition filed by Shailesh Bhandari,...

NCLT Ahmedabad Orders RoC Inquiry Into Veer Fabricators' Share Transfer Dispute

The Ahmedabad bench of the National Company Law Tribunal (NCLT) has declined to order rectification of the register of members of Veer Fabricators Private Limited at this stage. It noted that no transfer documents, records of consideration, board approvals, or other material had been placed on record to establish the authenticity of the disputed share transfers. Instead, it directed the Registrar of Companies (RoC) to conduct an inquiry into whether the transfers were effected in compliance with...

Income Tax Department Can Restore Struck-Off Company As 'Creditor' For Tax Assessment: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi on 23 July held that the Income Tax Department qualifies as a “creditor” under Section 252(3) of the Companies Act, 2013, and can seek restoration of a struck-off company's name even when its claim is contingent or prospective. Section 252(3) allows the Tribunal to restore the name of a company removed from the Register of Companies if an application is made by, among others, a creditor and the Tribunal finds that restoration is necessary and...