LiveLawBiz Company Law Quarterly Digest: January-March 2026
Shilpa Soman
5 April 2026 7:00 PM IST
SUPREME COURT
Case Title: Yerram Vijay Kumar v. The State of Telengana and Anr
Citation: 2026 LLBiz SC 2
Case Number: SLP (Crl.) No. 11530 OF 2024
The Supreme Court has held that a special court cannot entertain a private complaint in cases involving fraud under the Companies Act. It ruled that where an offence attracts punishment under the fraud provision, cognisance can be taken only on a complaint filed by the Serious Fraud Investigation Office or an authorised officer of the Central government.
A Division Bench of Justice J K Maheshwari and Justice K Vinod Chandran held that offences under Section 448 of the Companies Act, which deals with false statements in company filings and records, are inseparably linked to Section 447, the provision that prescribes punishment for fraud.
Supreme Court Refuses To Interfere With Delhi High Court Order Quashing SFIO Probe Into Moser Baer
Case Title : Karanartham Viramah Foundation v. Union of India & Anr.
Citation : 2026 LLBiz SC 26
Case Number : SLP(C) No. 004081 / 2026
The Supreme Court has declined to interfere with the Delhi High Court's decision quashing a Serious Fraud Investigation Office probe into Moser Baer India Limited, holding that the High Court committed no error in setting aside the government's order directing the investigation.
A Division Bench of Justice Prashant Kumar Mishra and Justice N.V. Anjaria dismissed the Special Leave Petition filed by Karanartham Viramah Foundation.
Supreme Court Stays Probe Into Exclusive Capital, Allows NCLAT Proceedings To Continue
Case Title : Exclusive Capital Limited & Ors. vs Kanta Agarwala & ANR
Citation : 2026 LLBiz SC 27
Case Number : Civil Appeal No. 15207/2025
The Supreme Court has stayed the investigation ordered into the affairs of Exclusive Capital Limited, an NBFC, while issuing notice in an appeal filed by the company and its promoters. It, however, clarified that the proceedings pending before the National Company Law Appellate Tribunal have not been stayed and would continue in accordance with law.
A bench of Justices Sanjay Kumar and K. Vinod Chandran directed that the investigation initiated pursuant to the order passed by the National Company Law Tribunal, New Delhi and affirmed by the National Company Law Appellate Tribunal on November 21, 2025, shall remain stayed until the next hearing.
Supreme Court Grants Time As Telsonic, Roop Ultrasonix Explore Settlement Over Rights Issue
Case Title : Telsonic Holdings AG vs Roop Ultrasonix Ltd & Anr
Citation : 2026 LLBiz SC 29
Case Number : Civil Appeal Nos.14817-14818/2025
The Supreme Court on Wednesday granted additional time to the parties in a dispute between Telsonic Holding AG and Roop Ultrasonix Ltd after they informed the court that they were trying to reach an amicable settlement.
The court was hearing appeals filed by Telsonic Holding AG challenging a National Company Law Appellate Tribunal (NCLAT) order that had set aside an earlier ruling of the National Company Law Tribunal (NCLT) Mumbai relating to a rights issue by Roop Ultrasonix.
A bench of Justices J.B. Pardiwala and K.V. Viswanathan noted the joint request made by counsel for more time and directed that the matter be listed after four weeks.
Byju's Parent Moves Supreme Court To Stall Second Tranche Of Aakash ₹240 Crore Rights Issue
Case Title: Think and Learn Private Limited (In CIRP), through its Resolution Professional, Shailendra Ajmera, versus Aakash Educational Services Limited and others
Case Number: C.A. NO. 1604-1605/2026
Think & Learn Pvt. Ltd., which owns edtech major Byju's, has moved the Supreme Court against a National Company Law Appellate Tribunal (NCLAT) order that allowed Aakash Educational Services Ltd. to proceed with the second tranche of its Rs. 240 crore rights issue.
Case Title: Think & Learn Pvt Ltd vs Aakash Educational Services Ltd & Ors
Citation: 2026 LLBiz SC 67
Case Number: C.A. No. 1604/2026
The Supreme Court on Tuesday disposed of an appeal filed by Think & Learn Pvt Ltd, the parent company of Byju's, after recording a statement on behalf of Aakash Educational Services Ltd that 25.75% of stake in Aakash shall remain secured till the disposal of a pending interlocutory application before the National Company Law Appellate Tribunal (NCLAT), Chennai.
A Bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe was hearing Think & Learn's challenge to an order of the NCLAT permitting Aakash to proceed with the second tranche of its ₹240 crore rights issue. The order had also granted Think & Learn time until today to subscribe to the second tranche.
Supreme Court Makes Absolute Interim Protection To Deepak Garg In Rs 1596 Crore SRS Fraud Case
Case Title: Deepak Garg vs Serious Fraud Investigation Office
Citation: 2026 LLBiz SC 95
Case Number: Petition(s) for Special Leave to Appeal (Crl.) No(s). 14351/2025
The Supreme Court made absolute the interim protection it had earlier granted to Deepak Garg, a Director of SRS Finance Ltd and SRS Shining Ornaments Ltd, during the pendency of his special leave petitions challenging the Punjab and Haryana High Court's refusal of anticipatory bail in the alleged Rs 1,596 crore SRS Group financial fraud case.
Supreme Court Refuses To Interfere With ₹1,950 Crore NSEL Settlement For Traders Hit By 2013 Default
Case Title : LJ Tanna Enterprises vs National Spot Exchange Ltd
Case Number : C.A. 1485/2026
Citation : 2026 LLBiz SC 101
The Supreme Court has refused to interfere with the approval of a Rs 1,950-crore settlement scheme for traders affected by the 2013 default at National Spot Exchange Ltd (NSEL), dismissing an appeal challenging orders of the NCLT and the NCLAT that had cleared the plan.
A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe declined to interfere with the NCLAT's January 15, 2026 decision upholding the NCLT Mumbai's November 28, 2025 order approving the scheme of arrangement proposed by National Spot Exchange Limited.
Case Title : Pannalal Bhansali & Ors vs Bharti Telecom Limited
Case Number : C.A. 7655/2025
Citation : 2026 LLBiz SC 103
The Supreme Court has declined to interfere with a scheme by Bharti Telecom Ltd., the promoter holding company of Bharti Airtel, to cancel 2.84 crore shares held by minority shareholders through a reduction of share capital.
Dismissing appeals filed by minority shareholders, a bench of Justices Sanjay Kumar and K. Vinod Chandran refused to interfere with an April 3, 2025 judgment of the National Company Law Appellate Tribunal (NCLAT), which had upheld the approval of the scheme by the National Company Law Tribunal (NCLT), Chandigarh.
Companies Act Does Not Mandate Valuation Report For Share Capital Reduction: Supreme Court
Case Title : Pannalal Bhansali vs Bharti Telecom Ltd & Ors
Case Number : Civil Appeal No. 7655 of 2025
Citation : 2026 LLBiz SC 103
The Supreme Court has dismissed appeals filed by minority shareholders challenging a reduction of share capital undertaken by Bharti Telecom Ltd, holding that the Companies Act does not require a valuation report from a registered valuer for such a process.
A bench of Justices Sanjay Kumar and K. Vinod Chandran said that reduction of share capital under Section 66 can be effected through a “special resolution” passed by shareholders and confirmation by the National Company Law Tribunal.
HIGH COURT
Case Title: Binu Surendran and Anr. v. V. Vijayakumar and Ors. and connected cases
Citation: 2026 LiveLaw (Ker) 1
Case Number: WA No. 2023 of 2024 and connected cases
The Kerala High Court directed the Union government to comply with a 2009 Delhi High Court order and decide if the Sree Narayana Dharma Paripalana Yogam (SNDP Yogam) is governed by the Companies Act or the Kerala Non-Trading Companies Act.
The Division Bench comprising Justice Devan Ramachandran and Justice M.B. Snehalatha set aside the Single bench judgment, which had set aside a 1974 government order that granted exemption to the Yogam, a company registered under the 1882 Companies Act.
Case Title : Sunil Kumar Agarwal vs Serious Fraud Investigation Office
Citation : 2026 LLBiz HC (CAL) 14
Case Number : WPA No. 12186 of 2025
The Calcutta High Court has clarified that the central government cannot initiate prosecution under the Companies Act on the basis of an interim report submitted by the Serious Fraud Investigation Office and must wait for the final investigation report after completion of the probe.
Justice Krishna Rao made the observation while allowing a writ petition filed by Sunil Kumar Agarwal and quashing a Look Out Circular issued against him during the pendency of an SFIO investigation, noting that neither an interim report nor a final investigation report had been submitted to the central government.
Case Title : Arun Kumar Bagla v. SCJ Plastics Ltd.
Case Number: W.P. (CRL) 2165/2019 & CRL. M.A. 32848/2019
Citation: 2026 LLBiz HC (DEL) 46
The Delhi High Court has said that a company's inability to pay its dues because of financial distress is a civil issue, not a criminal offense. A director cannot be prosecuted for cheating unless there is clear proof of personal fraud or personal gain.
Justice Neena Bansal Krishna quashed cheating charges against a former managing director of Creative Wares Limited, a manufacturing company that later ran into financial trouble and was declared a sick industrial company by the BIFR.
Case Title: V.J. Joseph v. The India Cements Limited and Ors
Citation: 2026 LLBiz HC (KER) 22
Case Number: Crl.Rev.Pet. No. 92 of 2019
A Managing Director who was in charge of a company's day-to-day affairs and who signed its cheques can be held vicariously liable for cheque dishonour, the Kerala High Court has held, dismissing a revision plea by a company's former head.
Justice M.B. Snehalatha upheld the conviction of V.J. Joseph, the former Managing Director of J and A Foundations Pvt. Ltd., in a cheque dishonour case under Section 138 of the Negotiable Instruments Act. It involved three cheques issued by the company.
Case Title: KSL & Industries Ltd vs Patheja & Auto Parts Manufacturing Ltd
Citation: 2026 LLBiz HC (BOM) 70
Case Number: Company Application No. 506 OF 2018
The Bombay High Court has recently observed that objections raised by secured creditors and the Official Liquidator to the transfer of winding-up proceedings from the High Court to the National Company Law Tribunal (NCLT) cannot be sustained merely because such a transfer may affect their recovery actions.
Justice Arif S. Doctor made the observation while allowing a company application filed by Sahjun Impex Trading Pvt. Ltd. The application sought transfer of a pending winding-up petition concerning KSL & Industries Ltd. from the Bombay High Court to the National Company Law Tribunal under Section 434(1)(c) of the Companies Act.
Case Title: Debanjan Hazra Vs. The Serious Fraud Investigation Office & Ors
Citation: 2026 LLBiz HC (CAL) 52
Case Number: W.P.A. No. 2772 of 2026
The Calcutta High Court has refused to quash a Look Out Circular issued against Debanjan Hazra, a former employee of Elder Pharmaceuticals now settled in China, in connection with an SFIO probe into the alleged siphoning of Rs 1,300 crore from the company.
Justice Krishna Rao delivered the judgment on February 13, 2026 while hearing a writ petition filed by Hazra challenging the LOC dated February 7, 2025.
Common Independent Director Not 'Common Management': Gujarat High Court Sets Aside GeM Bid Rejection
Case Title: NR Agarwal Industries Ltd. v Gujarat State Board of School Textbooks and Anr
Citation: 2026 LLBiz HC (GUJ) 17
Case Number: R/SPECIAL CIVIL APPLICATION NO. 17400 of 2025
The Gujarat High Court has held that an Independent Director cannot be treated as part of the common management of a company for the purpose of disqualifying bids under Clause 29 of the Government e-Marketplace General Terms and Conditions, setting aside the rejection of NR Agarwal Industries Ltd's technical bid in a public tender.
A Division Bench of Justice Bhargav D. Karia and Justice L.S. Pirzada observed, “the Independent Director stands on a different foot than the Director whether he is a regular Executive Director, Non-executive Director, Managing Director or Whole-time Director of the Company as provided under the provisions of the Act", the bench said.
Maharashtra Stamp Authorities Have No Jurisdiction Over NCLT Chennai Order: Bombay High Court
Case Title: Schaeffler India Ltd. vs Chief Controlling Revenue Authority & Ors
Citation: 2026 LLBiz HC (BOM) 84
Case Number: WRIT PETITION NO. 7496 OF 2023
The Bombay High Court on 18 February held that Maharashtra stamp authorities have no jurisdiction to assess stamp duty on an order passed by the NCLT, Chennai Bench, merely because the same scheme was also sanctioned by the NCLT, Mumbai Bench.
A Single-Judge Bench of Justice Sharmila U. Deshmukh clarified that even if stamp duty had not been paid on the Chennai order, that question falls within the domain of authorities in Tamil Nadu and is irrelevant to the assessment of the Mumbai order.
Case Title : Industrial Investment Bank of India Limited (In Voluntary Liqn.) Vs. Smt. Persis A. Khambatta & Another
Case Number : APO No. 339 of 2017
Citation : 2026 LLBiz HC (CAL) 68
The Calcutta High Court on March 12 allowed an appeal filed by Industrial Investment Bank of India Limited (IIBI). The court set aside a single judge's order that had confirmed an interim direction requiring the bank to set apart properties worth Rs 2 crore in a dispute relating to a resolution adopted in its 13th Annual General Meeting regarding redemption of preference shares.
Condonation Of Delay In Filing Returns For Company Not Available To Directors: Kerala High Court
Case Title : Prof M.K Sanoo and Anr v. State of Kerala and Ors
Case Number : WP(C) No. 8095 of 2024
Citation : 2026 LLBiz HC (KER) 51
The Kerala High Court has held that condonation of delay in filing annual returns does not wipe out the statutory disqualification incurred by directors for failure to file returns for consecutive financial years. The court observed that the benefit of condonation available to the company cannot be extended to its directors.
Case Title : Daksha Nanavati vs Investor Education and Protection Fund Authority and Anr
Case Number : R/Special Civil Application No. 12112 of 2023
Citation : 2026 LLBiz HC(GUJ) 40
The Gujarat High Court on 9 March held that where a claimant has already furnished a valid succession certificate under the Investor Education and Protection Fund (IEPF) Rules for transfer of shares, an indemnity bond cannot be insisted upon.
Justice Hemant M Prachchhak observed that the requirement to furnish an indemnity bond arises only in the absence of documents such as a succession certificate, and authorities cannot impose additional conditions not contemplated under the Rules.
Karnataka High Court Holds Pre‑Winding-Up Lease By Mysore Kirloskar Ltd To KIAMS Fraudulent
Case Title : Official Liquidator vs Kirloskar Institute of Advanced Management Studies
Case Number : ORIGINAL SIDE APPEAL NO. 19 OF 2015
Citation : 2026 LLBiz HC (KAR) 37
The Karnataka High Court on 17 February held that a lease executed by the erstwhile management of Mysore Kirloskar Ltd in favour of Kirloskar Institute of Advanced Management Studies (KIAMS) was a fraudulent and sham transaction intended to defeat creditors and was therefore void from inception.
A Division Bench of Justices D.K. Singh and Venkatesh Naik T heard an appeal by the official liquidator, challenging the Company Court's 21 July 2015 order that had rejected a request to cancel the lease due to limitation.
Case Title : Manoj Kumar Grover v. Union Of India Through Ministry Of Corporate Affairs & Ors.
Case Number : W.P.(C) 7051/2020
Citation : 2026 LLBiz HC (DEL) 290
The Delhi High Court has observed that the question of extending the vigil/whistleblower mechanism prescribed under Section 177 of the Companies Act, 2013, to unlisted companies is a matter of legislative policy and cannot be directed by courts through judicial orders.
A Division Bench of Justices Prathiba M. Singh and Madhu Jain thus directed the Union Ministry of Corporate Affairs to undertake a stakeholder consultation in this regard, and thereafter take a decision, within a reasonable period, as to whether establishment of vigil mechanism needs to be extended to any other companies beyond what is already prescribed.
Calcutta High Court Holds Issue Of Appointing Woman Director Triable In Case Against Rashmi Metaliks
Case Title : Rashmi Metaliks Ltd & Ors vs State of West Bengal and Another
Case Number : CRR 482 OF 2025
Citation : 2026 LLBiz HC (CAL) 75
The Calcutta High Court has refused to quash criminal proceedings against Rashmi Metaliks Ltd and its directors for alleged non-compliance with the mandatory requirement under Section 149 of the Companies Act to appoint at least one woman director.
A Single-Judge Bench of Justice Ajay Kumar Gupta was hearing a criminal revision petition under Section 482 CrPC challenging proceedings pending before the Chief Judicial Magistrate, Alipore, including an order dated 19 September 2015.
Case Title : Kuki Investments Ltd vs Emerging Media Ventures Ltd & Ors
Case Number : LEAVE PETITION (L) NO. 9778 OF 2026
Citation : 2026 LLBiz HC (BOM) 160
The Bombay High Court has granted leave under Clause XII of the Letters Patent to Kuki Investments Limited, a company owned by Raj Kundra, to institute a suit challenging an anti-suit injunction passed by the High Court of England and Wales in a dispute relating to the affairs of IPL franchise Rajasthan Royals.
Allowing the petition seeking permission to file the suit against Emerging Media Ventures Ltd. and others, Justice Abhay Ahuja observed that the court was satisfied that grounds were made out for grant of leave to institute the proposed suit.
No 'Deemed Liability' For Company Directors Under Negotiable Instruments Act: Calcutta High Court
Case Title : Masud Tarif vs State of West Bengal & Ors
Case Number : CRR 2128 OF 2025
Citation : 2026 LLBiz HC (CAL) 78
The Calcutta High Court has recently held that there is no deemed liability for a director merely by virtue of his designation, emphasising that specific factual averments in a complaint linking a director to the day-to-day management of the company are a jurisdictional prerequisite under Section 141 of the Negotiable Instruments Act.
NCLAT
NCLAT Refuses To Interfere With NSEL Spot Exchange Settlement, Says NCLT Did Not Exceed Jurisdiction
Case Title : L.J. Tanna Enterprises Private Limited & Ors. v. National Spot Exchange Limited
Citation : 2026 LLBiz NCLAT 19
Case Number : Company Appeal (AT) No. 03/2026
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently refused to interfere with an order of the Mumbai bench approving a ₹1,950-crore one-time settlement for traders affected by the 2013 National Spot Exchange Ltd default, holding that the National Company Law Tribunal did not exceed its jurisdiction while sanctioning the scheme.
A bench of Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra observed that a plain reading of the impugned order shows that the National Company Law Tribunal has not exceeded its jurisdiction and has never directed the quashing of criminal cases pending against the company.
Case Title: Company Appeal (AT)(Insolvency) No. 436 of 2022
Citation: 2026 LLBiz NCLAT 32
Case Number: Company Appeal (AT)(Insolvency) No. 436 of 2022
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.
Jindal Poly Tells NCLAT Class Action Order Hit Share Price, Seeks Interim Relief
Case Title: Jindal Poly Films Ltd. Vs. Ankit Jain & Ors
Case Number: Comp. App. (AT) No. 47 of 2026
The National Company Law Appellate Tribunal (National Company Law Appellate Tribunal) part-heard Jindal Poly Films Limited's plea for interim relief in its appeal against the admission of a shareholder class action, after the company told the tribunal that the NCLT order had adversely affected its share price.
The matter was heard by a bench comprising Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra.
Case Title: Think & Learn Pvt Ltd vs Aakash Educational Services Ltd & 23 Ors
Citation: 2026 LLBiz NCLAT 34
Case Number: Company Appeal (AT) (CH) No. 137/2025
The National Company Law Appellate Tribunal (NCLAT) at Chennai has extended the time by one week for Think and Learn Pvt Ltd, the parent company of Byju's, to subscribe to the second tranche of Aakash Educational Services' rights issue.
A coram of Judicial Member Justice N. Seshasayee and Technical Member Jatindranath Swain passed the direction while allowing an extension of one week, by permitting Think and Learn to subscribe to the second tranche of rights shares until February 17, 2026.
NCLAT Dismisses Appeal Against Order Allowing Former Promoters To Represent Aquafil Polymers
Case Title: Dr. Anita Roy v. Aquafil Polymers Company Private Limited and Ors
Citation: 2026 LLBiz NCLAT 58
Case Number: Company Appeal (AT) No. 81 of 2023
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently dismissed as infructuous an appeal filed by majority shareholder Dr. Anita Roy against an interim order permitting the former promoters of Aquafil Polymers Company Private Limited to represent the company in pending proceedings.
A Bench of Justice Mohd. Faiz Alam Khan and Technical Member Indevar Pandey observed that the company's management now operates under tribunal supervision.
Case Title: Jindal Poly Films Ltd. Vs. Ankit Jain & Ors
Citation: 2026 LLBiz NCLAT 64
Case Number: Comp. App. (AT) No. 47 of 2026
The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed an appeal filed by Jindal Poly Films Limited challenging an order of the National Company Law Tribunal that had allowed a class action petition under Section 245 of the Companies Act, 2013 to proceed against the company.
The appeal was heard by a bench comprising Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra, which declined to interfere with the NCLT's findings and dismissed the matter at the threshold.
Case Title : Mrs Duan Hongli and Anr v. Al-Sami Agro Products Private Limited and Ors
Case Number : Company Appeal (AT)(CH) No.02/2026
Citation: 2026 LLBiz NCLAT 77
The National Company Law Appellate Tribunal at Chennai recently modified an order of the NCLT which had dismissed a company petition on the ground of non-joinder of a necessary party.
The NCLT Amravati had dismissed a company petition filed by two individuals after observing that the principal relief was sought against Al-Sami Food Exports Pvt Ltd, which had not been made a party. Since the matter had reached the stage of arguments, the tribunal declined to permit addition of the party at that belated stage and dismissed the petition on account of non-joinder of necessary parties.
Allowing the appeal, a coram of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain observed that the provisions of the Companies Act, 2013 are guided by the principles of natural justice and are not strictly bound by the Civil Procedure Code.
Case Title : Jaber Abdul Wahab and Ors v. T.P Anilkumar and Ors
Case Number : Company Appeal (AT) (CH) No.129/2025
Citation: 2026 LLBiz NCLAT 85
The National Company Law Appellate Tribunal (NCLAT) at Chennai has stayed an order appointing an administrator to oversee the affairs of Indus Motor Company Pvt Ltd, a major Maruti Suzuki dealership group in Kerala, though it declined to interfere with the direction for a central government investigation into the company's affairs.
A coram of Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain passed the interim order while hearing a batch of appeals challenging the NCLT's order.
Case Title : Madhukar Anantrao Pathak Vs MPTA Limited
Case Number : Company Appeal (AT) 109/2025
Citation : 2026 LLBiz NCLAT 89
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that shareholder approval through a special resolution under Section 180(1)(a) of the Companies Act, 2013, is required only when a company sells an "undertaking." The provision does not apply when a company disposes of an individual asset.
Case Title : Suresh Kumar Agarwal & Ors Vs J.B. Daruka Papers Ltd & Ors
Case Number : Company Appeal (AT) 261-263/2025
Citation : 2026 LLBiz NCLAT 104
The National Company Law Appellate Tribunal (NCLAT) at Delhi has held that increasing the authorised share capital and issuing rights shares without notice to continuing shareholders in a closely-held family company amounted to oppression, after finding that the company proceeded on the assumption that certain shareholders had resigned even though the validity of their resignation itself was disputed.
NCLAT Dismisses MMTC Appeal Against NSEL's Settlement Scheme With Traders
Case Title : MMTC Limited Vs National Spot Exchange Ltd
Case Number : Company Appeal (AT) 34/2026
Citation : 2026 LLBiz NCLAT 128
The National Company Law Appellate Tribunal (NCLAT) at Delhi has rejected a challenge by state-run trading company MMTC Limited to a settlement scheme approved for National Spot Exchange Ltd., holding that the scheme cannot be reopened once it has been upheld in earlier proceedings and affirmed by the Supreme Court.
NCLT
NCLT Mumbai Approves Demerger Of Vedanta's Merchant Power Business Into Talwandi Sabo Power
Case Title: Vedanta Ltd, Vedanta Aluminum Metal Ltd, Talwandi Sabo Power Ltd, Malco Energy Ltd, Vedanta Base Metals Ltd, Vedanta Iron and Steel Ltd
Citation: 2026 LLBiz NCLT (BOM) 34
Case Number: C.P.(CAA)/254/(MB)2025, C.A.(CAA)/220(MB)2024
The Mumbai bench of the National Company Law Tribunal (NCLT) approved a restructuring move within the Vedanta group, clearing the demerger of the merchant power business of Vedanta Ltd and its transfer to Talwandi Sabo Power Ltd.
The order was passed on a second-motion petition filed by Talwandi Sabo Power Ltd.
The coram, comprising Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati, noted that all statutory requirements had been met and that the company had placed on record approvals from both secured and unsecured creditors.
NCLT Orders Cadila Healthcare To Restore Shares Fraudulently Dematerialised From Two Senior Citizens
Case Title: Satya Saxena v. Cadila Healthcare Ltd & Ors
Citation: 2026 LLBiz NCLT (AHM) 39
Case Number: Comp. Appeal No. 298 of 2019
The National Company Law Tribunal (NCLT) at Ahmedabad has directed Cadila Healthcare Limited, now known as Zydus Lifesciences, to restore the shareholdings of two senior citizens after finding that their shares were fraudulently dematerialised without their consent. The tribunal also ordered the company to pay Rs 2 lakh to each of the two shareholders as costs.
The order was passed by a coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma on pleas filed by Satya Saxena and Raj Kishan Saxena under Section 59 of the Companies Act, 2013.
NCLT Mumbai Sanctions Merger Of Bayer Zydus Into Bayer Pharmaceuticals
Case Title: Bayer Zydus Pharma Pvt Ltd and Bayer Pharmaceuticals Pvt Ltd
Citation: 2026 LLBiz NCLT (MUM) 42
Case Number: C.P. (CAA) /44 (MB) 2025 IN C.A. (CAA) /132 (MB) 2024
The National Company Law Tribunal (NCLT) at Mumbai has approved the merger of Bayer Zydus Pharma Pvt Ltd into Bayer Pharmaceuticals Pvt Ltd, as part of a group-level corporate restructuring exercise.
A coram of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer in an order on January 9, observed that the companies complied with the applicable laws and the scheme was not prejudicial to the interest of its members or public interest.
Case Title: Dattatray Maruti Khune vs Union of India
Citation: 2026 LLBiz NCLT (MUM) 50
Case Number: IA 1179 of 2020 IN CP / 2996/ (MB)/ 2019
The National Company Law Tribunal at Mumbai has clarified that a statutory auditor cannot avoid liability for fraudulent filings by claiming misuse of his digital signature certificate (DSC) by his own employee.
It held that under settled principles of agency, a principal is bound by the acts of his agent carried out within the scope of implied authority.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar made the observation while dismissing an application by Dattatray Maruti Khune, former auditor of Netwealth Agrotech India Ltd, seeking dismissal of proceedings initiated against him under Section 140(5) of the Companies Act.
NCLT Chandigarh Clears Merger Of Alternative Fuel Company Into Lumax Group Company
Case Title: Greenfuel Energy Solutions Private Limited and Lumax Resources Private Limited
Citation: 2026 LLBiz NCLT (CHD) 63
Case Number: CP (CAA) 46/Chd/Hry of 2025
The National Company Law Tribunal (NCLT) at Chandigarh has cleared the merger of Greenfuel Energy Solutions Private Limited, a Gurgaon-based manufacturer of alternative fuel system components and batteries, with Lumax Resources Private Limited, a group company of listed auto components maker Lumax Auto Technologies Limited.
A bench of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh sanctioned the scheme on January 14, 2026. The tribunal said the merger complied with legal requirements and faced no surviving objections.
Defying CIRP Orders 'Not In Public Interest', Amounts To Civil Contempt: NCLT Mumbai
Case Title: Pravin R. Navandar vs Sagar Sharma & Anr.
Citation: 2026 LLBiz NCLT (MUM) 57
Case Number: Cont.A. (IBC)/33/MB/2025 IN CP(IB) No. 1241 of 2022
The National Company Law Tribunal (NCLT) at Mumbai has held that deliberate disobedience of its directions during a corporate insolvency resolution process (CIRP), even on the ground that the quantification of a financial creditor's claim is pending in appeal, is against public interest and amounts to civil contempt.
Allowing a contempt application filed by the resolution professional (RP) of Hotel Horizon Private Limited against its suspended directors, coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar said that their conduct “meets the ingredients of section 2(b) of the Contempt of Courts Act, 1971.”
Case Title: Shailesh Shah & Anr. Vs Sunshine Realtors Pvt Ltd. & Ors
Citation: 2026 LLBiz NCLT (MUM) 62
Case Number: CP 59 OF 2015
The National Company Law Tribunal (NCLT) at Mumbai has observed that non-filing of annual returns and financial statements is, by itself, prejudicial to the interests of company members, as it exposes the company to the consequence of being struck off from the register of companies.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar made the observation while deciding a petition alleging oppression and mismanagement in the affairs of Sunshine Realtors Private Ltd.
NCLT Allahabad Allows India Glycols To Proceed With Bio Pharma, Spirits Demerger
Case Title : India Glycols Limited and Ors.
Case Number : CA (CAA) NO. 36/ALD/2025 (First Motion)
Citation : 2026 LLBiz NCLT (ALL) 69
The National Company Law Tribunal (NCLT) at Allahabad has recently allowed India Glycols Limited, a listed green chemicals and bio-based products company, to move ahead with the proposed demerger that will split its biopharma business and its spirits and biofuel business into separate companies.
The tribunal allowed its first motion application, dispensing with meetings of secured creditors and the resulting companies' shareholders
A bench of Judicial Member Praveen Gupta and Technical Member Ashish Verma said it was satisfied that the dispensations sought at this stage could be granted, observing, “We are of the view that the dispensation of the meetings prayed for by the Applicant Companies deserves to be allowed.”
Case Title : Deepak Ashutosh Bharadwaj, Suhani Deepak Bharadwaj vs The Registrar of Companies, Mumbai
Citation : 2026 LLBiz NCLT (MUM) 67
Case Number : Company Appeal No. 54/MB/ 2025
The National Company Law Tribunal (NCLT) at Mumbai has held that the mere preparation of balance sheets and audited financial statements does not establish that a company was carrying on business or was in operation. Holding so, it upheld the Registrar of Companies' action in striking off the name of Radiant Inn Pvt Ltd from the register of companies.
NCLT Ahmedabad Clears Cross-Border Merger of GNRL Oil & Gas Bahamas Unit With Indian Parent
Case Title : GNRL Oil and Gas Ltd. and Anr.
Citation: 2026 LLBiz NCLT (AHM) 77
Case Number : CA (CAA) No. 12 of 2023
The National Company Law Tribunal (NCLT) at Ahmedabad has cleared a cross-border merger that will see a Bahamas-based oil and gas company merged into its Indian parent.
A coram of Judicial Member Chitra Hankare and Technical Member V G Venkata Chalapathy said the scheme was “bona fide and in the interest of the shareholders and creditors” and approved it under the Companies Act.
NCLT Mumbai Dismisses Workmen's Belated Wage Claims Against IL&FS, Cites Moratorium
Case Title : S.A. Azad, Authorised Representative of Workmen vs Infrastructure Leasing and Financial Services Ltd.
Citation : 2026 LLBiz NCLT (MUM) 79
Case Number : IA (COMPANIES.ACT)/120 (MB) 2025 IN CP/3638 (MB) 2018
The National Company Law Tribunal (NCLT) at Mumbai has dismissed an application filed by S.A. Azad, the authorised representative of 31 workmen, seeking admission of wage claims against Infrastructure Leasing and Financial Services Ltd. (IL&FS).
The tribunal dismissed the application on the grounds that the claims were barred by the 2018 moratorium and filed beyond the extended timelines, while also noting that the workmen were not directly employees of IL&FS.
Directors Can't Bypass CEO To Call Board Meeting In Producer Company: NCLT Kochi
Case Title : Mrs Sunija Darsan v. Shelly Chandrangadan and Ors
Citation : 2026 LLbiz NCLT (KOC) 86
Case Number : CP(C/ACT)/34(KOB)2021
The National Company Law Tribunal (NCLT) at Kochi has set aside a notice convening a board meeting of Harithamrutham Farmers Producer Company Limited, holding that the notice violated mandatory provisions of the Companies Act applicable to producer companies.
A coram of Judicial Member Vinay Goel held that once a Chief Executive Officer is appointed, the power to issue notice of board meetings rests only with the CEO.
Promoter Fund Infusion To Satisfy Bank's Terms Not a 'Deposit' Under Companies Act: NCLT Mumbai
Case Title : Ansumera Realty & Infra Pvt Ltd vs Vimla Thakarashi Dedhia
Citation : 2026 LLBiz NCLT (MUM) 78
Case Number : Company Application 370 of 2022 In Company Petition 412 of 2021
The National Company Law Tribunal at Mumbai (NCLT) has held that unsecured money brought into a company by its promoters to meet a bank's lending condition does not qualify as a deposit under the Companies Act, and that repayment proceedings under the deposit provisions cannot be maintained.
A bench of Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati passed the order on January 21. The tribunal said, “Once the transaction is covered by the statutory exclusion, the amount so received cannot be treated as a 'deposit' within the meaning of Section 2(31) of the Companies Act, 2013.”
NCLT Indore Approves Cistro Telelink's Capital Reduction To Write Off Pandemic Losses
Case Title : Cistro Telelink Limited
Citation : 2026 LLBiz NCLT (IND) 91
Case Number : CP 4 (MP) of 2025
The National Company Law Tribunal (NCLT) at Indore has approved a 40 percent reduction in the share capital of Cistro Telelink Limited, a Madhya Pradesh-based company engaged in software production and cable network distribution, holding that the proposal causes no prejudice to any stakeholder.
A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta noted that the reduction complied with Section 66 of the Companies Act and had overwhelming shareholder approval.
Tribunal Can Ensure AGM Is Held, Cannot Step Into Post-AGM Issues: NCLT Kochi
Case Title : Malabar Produce & Rubber Co Limited v. Joseph Stanislaus and Anr
Citation : 2026 LLBiz NCLT (KOC) 99
Case Number : CP (C/ACT)/26/KOB/2025
The National Company Law Tribunal (NCLT) at Kochi has rejected a plea by Malabar Produce and Rubber Co Ltd, ruling that the tribunal can step in only when an Annual General Meeting is not held, and not to sort out problems that arise after a meeting has already taken place.
A bench of Judicial Member Vinay Goel explained that this limited power flows from Section 97 of the Companies Act, 2013. The provision allows the tribunal to direct that an AGM be convened when a company fails to hold one. It does not permit the tribunal to review, supervise, or complete business that remains pending after a meeting has been duly held.
Case Title : Abhinand Ventures Pvt. Ltd. & Essar Power Ltd.
Citation : 2026 LLBiz NCLT (DEL) 102
Case Number : CA (CAA)/1 (AHM) /2026
The National Company Law Tribunal (NCLT) at Ahmedabad has cleared the first motion in a group restructuring exercise through which the Essar Group proposes to shift ownership of the “Essar” brand from one group company to another.
A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma allowed the first motion and directed that meetings of shareholders and creditors be convened to consider the scheme. Meetings of certain classes were dispensed with after written consent affidavits were placed on record.
NCLT Mumbai Clears First Motion For Amalgamation Of Overseas Units Into NMDC Data Centre
Case Title: Infin Data Centre Holdings Limited FZCO And Utility Holdings Limited FZCO With NMDC Data Centre Private Limited
Citation: 2026 LLBiz NCLT (MUM) 93
Case Number: CA (CAA)/5/MB/2026
The National Company Law Tribunal (NCLT) at Mumbai has cleared the first motion in a proposed amalgamation involving NMDC Data Centre Private Limited and two of its overseas group companies.
The order was passed by a bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar, which dispensed with the requirement of holding meetings of shareholders and creditors at this stage.
NCLT Hyderabad Approves Merger Of NCC Infrastructure Holdings With NCC Ltd
Case Title: NCC Infrastructure Holdings Ltd & NCC Ltd
Citation: 2026 LLBiz NCLT (HYD) 106
Case Number: CP (CAA) No.38/230/HDB/2025
The National Company Law Tribunal (NCLT) at Hyderabad has approved the merger of NCC Infrastructure Holdings Ltd, a wholly owned subsidiary, with its parent company NCC Ltd, consolidating the group's infrastructure holdings under a single listed entity.
A coram comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri observed that the scheme was fair, reasonable, and not contrary to public policy or any provision of law.
NCLT Ahmedabad Clears JK Paper Group's Composite Scheme To Consolidate Packaging Business
Case Title: JKPL Utility Packaging Solutions Private Limited & Ors
Citation: 2026 LLBiz NCLT (AHM) 110
Case Number: CP (CAA)/55 (AHM) 2025
The National Company Law Tribunal (NCLT), Ahmedabad Bench, has sanctioned a Composite Scheme of Arrangement for JK Paper Limited and five group companies, paving the way for consolidation of the group's packaging business.
A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma approved the scheme under Sections 230 to 232 of the Companies Act, 2013.
NCLT Approves Demerger Of Times Group's Non-Publishing Business Into Times Horizon
Case Title: Benett, Coleman & Company Ltd with Times Horizon Pvt Ltd
Citation: 2026 LLBiz NCLT (MUM) 112
Case Number: CP (CAA) NO. 266/MB/2025
The National Company Law Tribunal (NCLT) at Mumbai has recently approved the demerger of the non-publishing business undertaking of Bennett, Coleman & Company Ltd (Times Group) into its wholly owned subsidiary, Times Horizon Pvt Ltd. The non-publishing business comprises Bennett Coleman's digital and internet ventures, entertainment and brand capital businesses, and other emerging operations distinct from its core publishing activities.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that, on a review of the material on record, the scheme complied with law and was not contrary to public policy.
NCLT Bengaluru Sanctions Cross-Border Merger Of MoEngage Inc With Indian Subsidiary
Case Title: MoEngage India Private Limited v. MoEngage Inc
Citation: 2026 LLBiz NCLT (BEN) 111
Case Number: CP(CAA) No.23/BB/2025
The National Company Law Tribunal (NCLT) at Bengaluru on 12 January approved a cross-border amalgamation scheme, allowing MoEngage Inc, a US company, to merge with its Indian subsidiary, MoEngage India Private Limited.
A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada noted that MoEngage India had satisfactorily addressed objections and observations raised by the Registrar of Companies, Regional Director, Official Liquidator, Income Tax Department, and the Reserve Bank of India. Therefore, “there is no impediment in approval of the Scheme”.
Case Title: The Assistant Commissioner of Central Tax and Central Excise v. C.S Ramachandran and Anr
Citation: 2026 LLBiz NCLT (KOC) 113
Case Number: IA(IBC)/506/KOB/2025 In CP(IBC)/21/KOB/2024
The National Company Law Tribunal (NCLT) at Kochi has dismissed the tax department's plea to include a Rs 6.06 crore belated GST claim in the insolvency process of SDF Industries Limited, holding that claims cannot be entertained after approval of the resolution plan by the Committee of Creditors.
A coram of Judicial Member Vinay Goel held that permitting the tax department to raise its claim at such a stage would reopen settled stages of the corporate insolvency resolution process and undermine the process.
NCLT Orders Winding Up Of Netwealth Agrotech Over Fraudulent Deposit Schemes
Case Title: Union of India vs Netwealth Agrotech India Ltd & Ors
Citation: 2026 LLBiz NCLT (MUM) 116
Case Number: CP/205/(MB)/2022
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.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar allowed a petition filed by the Union of India through the Registrar of Companies, Pune, seeking the winding up of the company.
Case Title: Ankit Jain & Ors. v. Jindal Poly Films Limited & Ors
Citation: 2026 LLBiz NCLT (DEL) 117
Case Number: IA(CA)-132/2024 in CP No. 58/245/PB/2024
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.
A Principal Bench comprising President Justice Ramalingam Sudhakar and Technical Member Ravindra Chaturvedi held that “the distinction between class action and derivative action in the laws of the United States has been developed in a different legal context and cannot be mechanically applied to the Indian legal framework under Section 245 of the Companies Act.”
NCLT Mumbai Clears JM Baxi Group's Scheme to Demerge Container and Corporate Services Businesses
Case Title: JM Baxi Ports & Logistics Pvt Ltd, JM Baxi Container Holdings Pvt Ltd, JM Baxi Ports Services Pvt Ltd & Ors
Citation: 2026 LLBiz NCLT (MUM) 114
Case Number: CP(CAA)/245/2024 In CA(CAA)/154/2024
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 reasonable.
Share Transfers During Liquidation Not Absolutely Barred, Subject To Tribunal Approval: NCLT Chennai
Case Title: Epic Concesiones Private Limited v. N. Veerapandian
Citation: 2026 LLBiz NCLT (CHE) 121
Case Number: IA(IBC) 1483/CHE/2025 in CP(IB) 114/CHE/2021
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.
A coram of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy was hearing an application filed by Epic Concesiones Private Limited seeking permission to transfer its equity in Sical Iron Ore Terminals Ltd. which is undergoing liquidation.
NCLT Kochi Allows Kitex Group Companies To Proceed With Proposed Demerger
Case Title: Kitex Childrenswear Limited v. Kitex Garments Limited
Citation: CA(CAA)/01/KOB/2026
Case Number: CA(CAA)/01/KOB/2026
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.
A coram of Judicial Member Vinay Goel was considering a joint application under the Companies Act, 2013, for a scheme of arrangement in the nature of a demerger, with April 1, 2025, as the appointed date.
NCLT Ahmedabad Sanctions Merger Of Sanghi Industries With Ambuja Cements
Case Title: Sanghi Industries Limited and Anr
Citation: 2026 LLBiz NCLT (AHM) 124
Case Number: CP(CAA)/61(AHM)2025 in CA(CAA)/49(AHM)2025
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.
Case Title: Somnath Biswas & Ors vs Asansol Club Ltd & Ors
Citation: 2026 LLBiz NCLT (KOL) 119
Case Number: Company Petition (IB) No. 183/KB/2025
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 statutory eligibility requirement under Section 244 of the Companies Act, along with interim relief, in a dispute concerning the internal governance of the club.
NCLT Chandigarh Clears First Motion For Panasonic Life Solutions To Demerge Its White Goods Business
Case Title: Panasonic Life Solutions India Pvt Ltd with Panasonic India Pvt Ltd
Citation: 2026 LLBiz NCLT (CHD) 127
Case Number: CA(CAA) No. 1/Chd/Hry/2026
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 order was passed by a coram comprising Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal on an application filed under Sections 230 to 232 and Section 66 of the Companies Act, 2013.
Oppression Petition Not Maintainable Where The Principal Relief Sought Is Winding Up: NCLT Amaravati
Case Title: Veer Bhoga Vasanta Rayalu Sabbavarapu & Anr. vs Sunray Green Space Pvt Ltd. & 8 Ors
Citation: 2026 LLBiz NCLT (AMR) 132
Case Number: IA(Companies Act)/25/2025 & IA(Companies Act)/26/2025 in CP/7/241/AMR/2024
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 Umesh Kumar Shukla dismissed a company petition filed by minority shareholders of Sunray Green Space Pvt Ltd under Sections 241 and 242 of the Companies Act, 2013 on the ground of maintainability.
NCLT Mumbai Clears First Motion For Merger Of Tech Mahindra's Three Wholly Owned Subsidiaries
Case Title: Zen3 Infosolutions Private Limited (“Transferor Company No. 1”) And Tech Mahindra Enterprise Services Limited (“Transferor Company No. 2”) And Begig Private Limited (“Transferor Company No. 3) And Tech Mahindra Limited
Citation: 2026 LLBiz NCLT (MUM) 140
Case Number: CA (CAA)/3/MB/2026
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.
A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar noted that Zen3 Infosolutions, Tech Mahindra Enterprise Services and Begig are wholly owned subsidiaries of Tech Mahindra. The companies informed the tribunal that the merger has been proposed to simplify the group's corporate structure, eliminate duplicate corporate procedures and reduce administrative and compliance costs.
Case Title: Chattisgarh Investments Ltd and Sarda Dairy & Food Products Ltd
Citation: 2026 LLBiz NCLT (MUM) 139
Case Number: C.A.(CAA)/261(MB)/2025
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 February 12, 2026.
NCLT Ahmedabad Clears First Motion In Vitanosh Ingredients–Lactose India Merger
Case Title: Lactose (India) Limited and Vitanosh Ingredients Private Limited
Citation: 2026 LLBiz NCLT (AHM) 142
Case Number: CA (CAA) / 3 (AHM) 2026
The National Company Law Tribunal (NCLT) at Ahmedabad has cleared the first motion in the proposed amalgamation of Vitanosh Ingredients Private Limited, a dairy products company with listed lactose manufacturing company Lactose (India) Limited.
A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma directed Lactose (India) Limited to convene a meeting of its 16,900 equity shareholders on March 28, 2026 at 10:30 AM through video conferencing or other audio-visual means.
NCLT Chandigarh Approves Merger Of Bhamini Real Estate, DLF Urban Into DLF Home Developers
Case Title: Bhamini Real Estate Developers Pvt Ltd, DLF Urban Pvt Ltd, DLF Home Developers Ltd
Citation: 2026 LLBiz NCLT (CHD) 143
Case Number: CP (CAA) No. 39/CHD/Hry/2025
The National Company Law Tribunal (NCLT) at Chandigarh has sanctioned a scheme of amalgamation under which Bhamini Real Estate Developers Private Ltd and DLF Urban Private Ltd will merge into DLF Home Developers Ltd. The transferor companies shall stand dissolved without winding up.
The order was passed by Judicial Member Khetrabasi Biswal and Technical Member Shishir Agarwal.
NCLT Chandigarh Approves Amalgamation Of Livpure Private Limited With Livpure Smart Homes
Case Title: LivPure Pvt Ltd and LivePure Smart Homes Pvt Ltd
Citation: 2026 LLBiz NCLT (CHD) 151
Case Number: C.P. (C.A.A.) No. 26/Chd/Hry/2025
The National Company Law Tribunal (NCLT) in Chandigarh has approved the merger of Livpure Private Limited with Livpure Smart Homes Private Limited, allowing the two companies to operate as a single entity.
The order was passed by Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh.
NCLT Chandigarh Sanctions Merger Of Eight DLF Group Companies Into Highvista Buildcon
Case Title: ADONCIA BUILDERS & DEVELOPERS PRIVATE LIMITED & ORS with HIGHVISTA BUILDCON PRIVATE LIMITED
Citation: 2026 LLBiz NCLT (CHD) 153
Case Number: CP (CAA) No. 14/Chd/Hry/2025
The National Company Law Tribunal (NCLT) at Chandigarh has sanctioned a scheme of amalgamation under which eight DLF group companies will merge into Highvista Buildcon Private Limited and stand dissolved without undergoing winding up.
The order was passed by a coram of Judicial Member Khetrabasi Biswal and Technical Member Kaushalendra Kumar Singh. Allowing the second motion petition, the tribunal observed: “We are of the considered view that the proposed Scheme is bona fide and in the interest of the shareholders and creditors.”
NCLT Appoints Interim Administrator To Manage Mangalam Publications Amid Family Dispute
Case Title: Mangalam Publications (India) Private Limited v. Toshma Biju Varghese and Ors
Citation: 2026 LLBiz NCLT (KOC) 155
Case Number: IA(C/Act)/149/KOB/2024 in CP/13/KOB/2024
The National Company Law Tribunal at Kochi has recently appointed an Interim Administrator to take over the management of Mangalam Publications (India) Private Limited, publisher of the Malayalam daily Mangalam and several weekly magazines, amid an ongoing family dispute over control of the company.
A coram of Judicial Member Vinay Goel observed that the continuing disputes between shareholders and the management were adversely affecting the company's business and the interests of its employees and other stakeholders.
NCLT Ahmedabad Approves Adicon Tiles Demerger Into Asian Granito Subsidiary
Case Title: Asian Granito India Limited and Ors
Citation: 2026 LLBiz NCLT (AHM) 156
Case Number: CP (CAA) 48 (AHM) 2025 in CA (CAA) 45 (AHM) 2024
The National Company Law Tribunal at Ahmedabad has approved a Composite Scheme of Arrangement involving Asian Granito India Ltd (AGIL), the listed holding company of the Adicon group.
A coram comprising Judicial Member Shammi Khan and Technical Member Sanjeev Kumar Sharma allowed the petition under Sections 230 to 232 of the Companies Act, 2013, with an Appointed Date of October 16, 2023.
Case Title: JINDALJYOTI PREFAB PRIVATE LIMITED AND ANR
Citation: 2026 LLBiz NCLT (CHD) 162
Case Number: CA (CAA)No.2/Chd/Hry/2026
The National Company Law Tribunal (NCLT), Chandigarh Bench, has cleared the first step in the proposed scheme of arrangement between Jindaljyoti Prefab Private Limited and Kingspan Jindal Private Limited, waiving the need to hold meetings of equity shareholders of both companies and the unsecured creditor of the transferor company, while directing that meetings of the secured and unsecured creditors of the transferee company be convened.
NCLT Mumbai Sanctions Merger Between Mirae Asset Sharekhan and Mirae Asset Financial Services
Case Title: Mirae Asset Sharekhan Financial Services Ltd (Amalgamating Company) and Mirae Asset Financial Services (India) Pvt Ltd
Citation: 2026 LLBiz NCLT (MUM) 163
Case Number: C.A. (CAA) NO. 235 (MB)/2025
The National Company Law Tribunal at Mumbai has approved the second motion petition for merger between Mirae Asset Sharekhan Financial Services Ltd and Mirae Asset Financial Services (India) Pvt Ltd, consolidating the Mirae Asset Group's NBFC operations.
NCLT Finds Jawed Akhter's Conduct Oppressive, Structures Exit From Jawed Habib Hair and Beauty
Case Title: Jawed Akhtar Versus Jawed Habib Hair and Beauty Ltd. &Ors
Citation: 2026 LLBiz NCLT (MUM) 164
Case Number: C.P. 309(MB)2023, C.P. 14(MB)2024
The National Company Law Tribunal (NCLT) at Mumbai has held that acts of financial mismanagement by promoter Jawed Akhter amounted to oppression under the Companies Act, while also finding that attempts by the RBPL group to alter the board structure of Jawed Habib Hair and Beauty Ltd were similarly oppressive.
Case Title: Procter & Gamble Home Products Private Limited
Citation: 2026 LLBiz NCLT (MUM) 165
Case Number: CP-241(MB)/2025
The National Company Law Tribunal (NCLT) at Mumbai has admitted a plea filed by Procter & Gamble Home Products Pvt Ltd, the Indian home care arm of US-based consumer goods major Procter & Gamble seeking approval for reduction of its Rs. 3.15 crore equity share capital under the Companies Act.
A coram of Judicial Member K.R. Saji Kumar and Technical Member Anil Raj Chellan after hearing the company, directed it to serve notices on creditors, the Regional Director (Western Region) and the Registrar of Companies. Creditors have been granted three months to raise objections.
NCLT Bengaluru Approves First Motion In Aureustech–Happiest Minds Merger
Case Title: Aureustech Systems Pvt Ltd and Happiest Minds Technologies Limited
Citation: 2026 LLBiz NCLT (BEN) 170
Case Number: CA(CAA) No.41/BB/2025
The National Company Law Tribunal (NCLT) at Bengaluru on 13 February allowed the first motion application in the proposed merger of Aureustech Systems Private Limited with Happiest Minds Technologies Limited.
A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada considered the application filed by the companies seeking directions in relation to the proposed scheme of amalgamation.
NCLT Delhi Sanctions Merger Of Masibus Automation Into Sonepar India
Case Title : Sonepar India Private Limited Vs Nil
Case Number : Company Petition No. (CAA) - 59(ND)/2025
Citation : 2026 LLBiz NCLT (DEL) 178
The National Company Law Tribunal (NCLT) at Delhi has approved the amalgamation of Masibus Automation and Instrumentation Pvt. Ltd. with Sonepar India Pvt. Ltd., allowing the latter to absorb its subsidiary as part of a consolidation of operations.
The order was passed on March 3, 2026, by Judicial Member Bachu Venkat Balaram Das and Technical Member Reena Sinha Puri of the NCLT's New Delhi Bench.
Case Title : Zeeshan Ali Khan and Anr v. Sha'S Airborne Travels Pvt Ltd and Ors
Case Number : CP No.98/BB/2023
Citation : 2026 LLBiz NCLT (BEN) 179
The National Company Law Tribunal at Bengaluru on 11 February, set aside the allotment of 59,500 equity shares made in favour of a director of Sha's Airborne Travels Pvt Ltd, holding that the increase in authorised share capital and the subsequent rights issue were illegal and void ab initio.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held that the impugned actions were carried out unilaterally and amounted to unilateral dilution of the promoters' shareholding.
NCLT Bengaluru Approves Amalgamation Of Shilpa Therapeutics With Listed Parent Shilpa Medicare
Case Title : Shilpa Therapeutics Private Limited v. Shilpa Medicare Limited
Case Number : CP(CAA) No.44/BB/2024
Citation : 2026 LLBiz NCLT (BEN) 181
The National Company Law Tribunal (NCLT) at Bengaluru has recently approved the amalgamation of Shilpa Therapeutics Private Limited, a wholly owned subsidiary, into its listed parent Shilpa Medicare Limited, an intra-group merger within the Shilpa group.
A coram of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada sanctioned the scheme, holding that there remained no impediment to its approval after consideration of reports filed by statutory authorities.
Case Title : N.K Kurian v. K Easwara Pillai
Case Number : IA(IBC)/115/KOB/2024 in CP(IB)/06/KOB/2022
Citation : 2026 LLBiz NCLT (KOC) 182
The National Company Law Tribunal (NCLT) at Kochi has held that a scheme of compromise or arrangement under Section 230 of the Companies Act, 2013 cannot be considered during the corporate insolvency resolution process (CIRP) in the absence of a liquidation order.
A coram of Judicial Member Vinay Goel observed that the statutory framework places schemes under Section 230 at the post-liquidation stage and dismissed the application seeking its sanction as premature.
NCLT Mumbai Clears Scheme To Merge Asian Paints (Polymers) With Parent Asian Paints Ltd
Case Title : Asian Paints (Polymers) Pvt Ltd and Asian Paints Ltd
Case Number : CP (CAA) NO. 3/MB/2026
Citation : 2026 LLBiz NCLT (MUM) 192
The National Company Law Tribunal (NCLT) at Mumbai has approved a scheme of amalgamation under which Asian Paints (Polymers) Private Limited will merge into Asian Paints Limited, with the transferor company being dissolved without winding up.
The order was passed by a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar. Allowing the merger scheme under the Companies Act, the tribunal observed that the arrangement appeared “fair and reasonable and is not violative of any provisions of law and is not contrary to public policy.”
NCLT Kochi Allows First Motion Plea In Kalyan Silks Demerger, Orders Unsecured Creditors' Meeting
Case Title : M/s Kalyan Silks Trichur Private Limited v. M/s Kalyan Silks Private Limited
Case Number : CA(CAA)//03/KOB/2026
Citation : 2026 LLBiz NCLT (KOC) 195
The National Company Law Tribunal (NCLT) at Kochi has allowed a first motion joint company application filed in connection with a proposed scheme of arrangement in the nature of a demerger between Thrissur-based textile retailer Kalyan Silks' group companies, Kalyan Silks Trichur Private Limited and Kalyan Silks Private Limited. The Tribunal also directed that a meeting of unsecured creditors of the demerged company be convened to consider the scheme.
NCLT Cuttack Approves Merger Of Godawari Energy Into Parent Godawari Power And Ispat
Case Title : Godawari Energy Ltd and Godawari Power & Ispat Ltd
Case Number : CP(CAA) 16 OF 2025
Citation : 2026 LLBiz NCLT (MUM) 196
The National Company Law Tribunal (NCLT) at Cuttack has allowed the merger of Godawari Energy Limited with its parent company, Godawari Power and Ispat Limited, under the Companies Act.
A bench of Acting President Deep Chandra Joshi and Technical Member Banwari Lal Meena sanctioned the scheme of amalgamation, observing, “Based on the above facts, and submissions made by the Ld. Counsel and after considering the entire facts and circumstances of the aforesaid company Petition and on perusal of the scheme and the proceedings, it is noted that the requirements of the provisions of sections 230 and 232 are satisfied by the Petitioner companies.”
Case Title : Triumphant Institute of Management Education Private Limited (TPL) & Ors
Case Number : CP CAA 37 OF 2025
Citation : 2026 LLBiz NCLT (HYD) 197
The National Company Law Tribunal (NCLT) at Hyderabad has approved a composite scheme of amalgamation and arrangement under which six group companies will merge into Triumphant Institute of Management Education Pvt Ltd (TIME).
The order was passed by a bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri while allowing a joint company petition filed by the companies.
NCLT Kolkata Approves Merger Of Five Group Companies With BirlaNu Limited
Case Title : Crestia Polytech Ltd & Ors And BirlaNu Ltd
Case Number : C.P.(CAA) No 137/KB/2025
Citation : 2026 LLBiz NCLT (KOL) 202
The National Company Law Tribunal at Kolkata has sanctioned a scheme of amalgamation under which five companies, Crestia Polytech Pvt Ltd, Aditya Poly Industries Pvt Ltd, Aditya Polytechnic Pvt Ltd, Prabhu Sainath Polymers Pvt Ltd and Topline Industries Pvt Ltd, will merge into BirlaNu Limited.
The bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra approved the scheme, observing, “The Scheme is just, fair and reasonable and is not contrary to any provisions of law and does not violate any public policy.”
NCLT Chennai Approves Merger Of Four Group Companies With India Cements Ltd
Case Title : ICL Financial Services Limited and Ors with The India Cements Limited
Case Number : CA(CAA)/55/CHE/2025
Citation : 2026 LLBiz NCLT (CHE) 204
The National Company Law Tribunal (NCLT), Chennai Bench, has sanctioned a Scheme of Amalgamation involving four companies of the India Cements group with The India Cements Limited.
A coram comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam allowed a joint company petition filed under Sections 230 to 232 of the Companies Act, 2013, seeking approval of the scheme of amalgamation.
NCLT Chennai Approves Merger Of Helios Strategic Systems With Listed Indo-National
Case Title : Helios Strategic Systems Limited v. Indo-National Limited
Case Number : CP(CAA) 48(CHE)/2025
Citation : 2026 LLBiz NCLT (CHE) 205
The Chennai National Company Law Tribunal (NCLT) on 10 March, approved a Scheme of Amalgamation between Helios Strategic Systems Limited and Indo-National Limited.
A Bench of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy allowed the joint petition filed under Sections 230 to 232 of the Companies Act, 2013, holding that: “the scheme as contemplated by the Petitioner companies seems to be prima facie not, in any way detrimental to the interest of the members of the Companies.”
Case Title : Artha Energy Resources LLP v. Tesco Projects Limited
Case Number : C.P. No. 27/(АНM)/2024
Citation : 2026 LLBiz NCLT (AHM) 206
The National Company Law Tribunal (NCLT) at Ahemdabad has held that Section 424(3) of the Companies Act cannot be invoked to enforce an alleged breach of a private settlement, observing that an order merely recording withdrawal of an insolvency petition does not contain any executable direction.
A bench of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma said, “The order dated 26.08.2019 is a withdrawal order devoid of executable direction. No decree or adjudicated command exists for enforcement under Section 424(3). Section 424(3) cannot be invoked to enforce an alleged breach of private settlement.”
Case Title : Automotive Mobility Pvt Ltd AND Automotive Manufacturers Pvt Ltd
Case Number : CP (CAA) 28 OF 2025
Citation : 2026 LLBiz NCLT (HYD) 208
The National Company Law Tribunal at Hyderabad on March 11 approved a scheme of arrangement for the demerger of the Andhra Pradesh and Telangana automobile dealership business of Automotive Manufacturers Private Limited into Automotive Mobility Private Limited.
The order was passed by a bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri under Section 230 of the Companies Act.
Case Title : Inox Green Energy Services Limited and Inox Renewable Solutions Limited
Case Number : C.P.(CAA)/56(AHM)2025 In C.A.(CAA)/43(AHM)2025
Citation : 2026 LLBiz NCLT (AHM) 209
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) recently sanctioned a demerger scheme between Inox Green Energy Services Limited, a listed company engaged in operations and maintenance of wind turbine generators and the power evacuation business, and Inox Renewable Solutions Limited, which undertakes power evacuation and related EPC activities, allowing the transfer of the power evacuation business into the latter entity.
NCLT New Delhi Orders Shareholder And Creditor Meetings On Dabur–Sesa Amalgamation Scheme
Case Title : Sesa Care Private Limited with Dabur India Limited
Case Number : Company Application No (CAA) – 1(ND)/2026
Citation : 2026 LLBiz NCLT (DEL) 212
The New Delhi Bench of the National Company Law Tribunal (NCLT) on 12 March, ordered meetings of the equity shareholders and unsecured creditors of Dabur India Limited to consider a Scheme of Amalgamation between Sesa Care Private Limited and Dabur India Limited under Sections 230 and 232 of the Companies Act, 2013.
NCLT Chennai Approves Amalgamation Of Ind Eco Ventures Ltd With Indowind Energy Ltd
Case Title : Indo Eco Ventures Limited with Indowind Energy Limited
Case Number : CP(CAA)/65 (CHE)/2024 in CA(CAA)/32 (CHE)/2024
Citation : 2026 LLBiz NCLT (CHE) 213
The National Company Law Tribunal (NCLT), Chennai, has approved a scheme of amalgamation between Ind Eco Ventures Limited and Indowind Energy Limited, a wholly owned subsidiary of Indowind.
A Bench of Judicial Member Jyoti Kumar Tripathi and Technical Member Ravichandran Ramasamy allowed the joint petition filed under Sections 230–232 of the Companies Act, 2013, after considering the reports and observations of statutory authorities, including the Regional Director, Official Liquidator, and the Income Tax Department.
Case Title : Filmistan Pvt Ltd and Arkade Developers Ltd
Case Number : CP(CAA)/263/2025
Citation : 2026 LLBiz NCLT (MUM) 215
The National Company Law Tribunal (NCLT) at Mumbai has sanctioned a scheme of arrangement under Sections 230–232 of the Companies Act providing for the demerger of the rental business relating to leasehold rights in property of Filmistan Pvt. Ltd. into its parent company Arkade Developers Ltd.
A bench comprising Judicial Member K. R. Saji Kumar and Technical Member Anil Raj Chellan observed that the proposed restructuring was, “fair and reasonable and is not violative of any provisions of law and is not contrary to public policy.”
NCLT Approves Adani Group Scheme To Consolidate Its Green Hydrogen, Renewable Energy Businesses
Case Title : Adani GreenTechnology Ltd and Ors
Case Number : C.P.(CAA)/67(AHM)2025 in C.A.(CAA)/55(AHM)2025
Citation : 2026 LLBiz NCLT (AHM) 216
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has sanctioned a composite scheme of arrangement involving multiple Adani Group entities for consolidation of their green hydrogen and renewable energy businesses within Adani Enterprises Ltd. and Adani New Industries Ltd. under a unified corporate structure
Case Title : Nikhil Joshi vs SAPAT International Pvt Ltd & Ors
Case Number : IA (Companies Act) 256 of 2025 & CP No. 168/(MB)/2024
Citation : 2026 LLBiz NCLT (MUM) 228
The National Company Law Tribunal (NCLT) at Mumbai has held that non-supply of daily account statements and Management Information and Analysis (MIA) reports to a director of Sapat International Pvt Ltd, who raised the grievance after ceasing to be managing director, does not by itself amount to oppression or concealment of company affairs.
The ruling was delivered by a bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar while dismissing a company petition filed by shareholder Nikhil Jayant Joshi, who alleged oppression and mismanagement in the family-run tea business.
Case Title : V.P Kunjumoosa and Anr v. V.P Abdu Rahiman and Anr
Case Number : Restoration Application (C/Act)/1/KOB/2025
Citation : 2026 LLBiz NCLT (KOC) 234
The National Company Law Tribunal (NCLT) at Kochi restored a winding-up petition dismissed for non-prosecution despite a delay of over three years, noting that a Provisional Liquidator had already been appointed and the company's affairs were under the tribunal's supervision.
A coram of Judicial Member Vinay Goel held that dismissal without adjudication on merits could create uncertainty regarding the status of the company and its assets.
NCLT Ahmedabad Sanctions Amalgamation Of UR Energy With Listed Jhaveri Credits
Case Title : U R Energy (India) Pvt. Ltd and Jhaveri Credits and Capital Limited
Case Number : C.P.(CAA) 43(AHM) of 2025 In C.A.(CAA)/31(AHM) 2025
Citation : 2026 LLBiz NCLT (AHM) 236
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has approved a scheme of amalgamation under which solar power company U R Energy (India) Private Limited will merge with BSE-listed Jhaveri Credits and Capital Limited, holding that the scheme is not prejudicial to the interests of shareholders or creditors.
NCLT Ahmedabad Sanctions Prima Plastics Demerger Of Rotational Moulding Business Into Subsidiary
Case Title : Prima Plastics Limited and Prima Innovation Limited
Case Number : CP(CAA)/50(AHM)2025 In CA(CAA)/25(AHM)2025
Citation : 2026 LLBiz NCLT (AHM) 235
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) has recently sanctioned a Scheme of Arrangement providing for the demerger of the Rotational Moulding Business of Prima Plastics Limited into its wholly owned subsidiary, Prima Innovation Limited.
NCLT Chennai Directs TVS Holdings' Shareholders' Meeting for Surplus Reserve Scheme
Case Title : TVS Holdings Limited
Case Number : CA(CAA)/15 (CHE)/2026
Citation : 2026 LLBiz NCLT (CHE) 242
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 distribute surplus reserves to shareholders.
NCLT Chennai Allows First-Motion Application In Veranda Learning Amalgamation-Demerger Scheme
Case Title : J.K Shah Commerce Education Limited
Case Number : CA(CAA)/12(CHE)/2026
Citation : 2026 LLBiz NCLT (CHE) 243
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
Case Title : BASF India Ltd and BASF Agricultural Solutions India Ltd
Case Number : CA (CAA) 28 OF 2026
Citation : 2026 LLBiz NCLT (MUM) 246
The National Company Law Tribunal (NCLT) at Mumbai has 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.
NCLT Kolkata Sanctions Merger Of Group Companies Sresta Natural Bioproducts, Wimco Into ITC
Case Title : Wimco Limited and ITC Limited
Case Number : Company Petition (CAA) No. 201/KB/2025
Citation : 2026 LLBiz NCLT (KOL) 253
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 Limited.
Case Title : Union of India vs IL & FS
Case Number : CP 3638 OF 2018
Citation : 2026 LLBiz NCLT (MUM) 255
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 the ground that SFIO was not competent to move the tribunal.
NCLT Mumbai Allows First Motion For Merger Of Tata Group Firm Rujuvalika Investment Into Tata Steel
Case Title : Tata Steel Ltd with Rujuvalika Investments Ltd
Case Number : CA (CAA) 162 OF 2025
Citation : 2026 LLBiz NCLT (MUM) 258
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.
Case Title : SPERO PROPERTIES AND SERVICES PRIVATE LIMITED Vs EQUINOX INDIA INFRAESTATE LIMITED
Case Number : CA (CAA)-3/230-232/ND/2026
Citation : 2026 LLBiz NCLT (DEL) 257
The Delhi Bench of the National Company Law Tribunal (NCLT) has 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 convening their meetings and directed that notices be issued to the concerned statutory authorities.
NCLT Kochi Allows First Motion In Scheme To Merge 51 Malabar Group Companies Into Malabar Gold
Case Title : Aesthetic Gold Ornaments Private Limited and Ors
Case Number : CA(CAA)/02/KOB/2026
Citation : 2026 LLBiz NCLT (KOC) 258
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.
Statutory Auditors Cannot Claim Blanket Immunity Under Section 339 Of Companies Act: NCLT Mumbai
Case Title : Union of India V/s Infrastructure Leasing and Financial Services Ltd. & Ors.
Case Number : IA 1/2022 IA 2/2022
Citation : 2026 LLBiz NCLT (MUM) 265
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 & Associates LLP and their partners.
NCLT Mumbai Compounds Companies Act Violations By Wadhwagroup Directors On Payment Of ₹36.10 Lakh
Case Title : Navin Amarlal Makhija, Mr. Manohar Moolchand Chhabria, Mr. Vijay Vasudev Wadhwa, Ms. Ritu Wadhwa Makhija
Case Number : C.P. No. 195/MB/2025
Citation : 2026 LLBiz NCLT (MUM) 267
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.
NCLT Indore Directs Meetings In HEG Demerger, Bhilwara Energy Merger; Some Meetings Dispensed
Case Title : HEG Ltd, HEG Graphite Ltd and Bhilwara Energy Ltd
Case Number : CA(CAA)/1(MP)2026
Citation : 2026 LLBiz NCLT (IND) 267
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.
Share Capital Reduction A 'Domestic Decision', Minority Shareholders Can't Veto It: NCLT Chennai
Case Title : Veera Venkatesh v. Ocean Healthcare Pvt Ltd
Case Number : Ivn.P(CA)/2/2024 in CP(CA)/121/(CHE)/2023
Citation : 2026 LLBiz NCLT (CHE) 269
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”.
Case Title : Seal Infotech Private Limited
Case Number : CPA(CA)/89(CHE)/2025
Citation : 2026 LLBiz NCLT (CHE) 272
The National Company Law Tribunal (NCLT) at Chennai has recently compounded delays of up to 587 days in holding Annual General Meetings by Seal Infotech Private Limited, taking a lenient view and imposing penalties aggregating to Rs 17.61 lakh.
NCLT Chandigarh Confirms UKIBC India's 55.39% Capital Reduction Scheme
Case Title : UK INDIA BUSINESS COUNCIL INDIA PRIVATE LIMITED
Case Number : 2026 LLBiz NCLT (CHD) 273
Citation : CP No.34/Chd/Hry/2024
The Chandigarh Bench of the National Company Law Tribunal (NCLT) on 25 March, approved the petition filed by UK India Business Council India Private Limited seeking a reduction of its share capital under Section 66 of the Companies Act, 2013.
OTHER
Delta Corp Moves NCLT Mumbai For Demerger Of Its Gaming And Hospitality Businesses
Delta Corp, a listed gaming and hospitality company popularly known for its casinos under the Deltin brand. has approached the National Company Law Tribunal, Mumbai, seeking approval to demerge its businesses into two separate entities, one focused on the gaming business and the other on hospitality and real estate. The proposal forms part of a revised composite scheme of arrangement approved by the company's board of directors at its meeting held on December 6, 2024. Pursuant to the board approval, Delta Corp filed the scheme with the stock exchanges and subsequently filed the application under Sections 230 to 232 of the Companies Act.
ROC Ahmedabad Fines SMR Jewels ₹54,500 For 445-Day Delay In Filing Private Placement Resolution
The Registrar of Companies at Ahmedabad has recently imposed a fine of Rs 54,500 on SMR Jewels Limited for a 445-day delay in filing a special resolution related to a private placement of equity shares. This, according to the registrar, was in violation of the Companies Act, 2013.
Former District Judge Deep Chandra Joshi To Serve As Acting President Of NCLT
The Ministry of Corporate Affairs on Friday has notified that Shri Deep Chandra Joshi, Former District Judge, has been appointed as the Acting President of the National Company Law Tribunal with effect from 14 February 2026. He is currently the senior-most member of the NCLT.
Companies that have defaulted on filing annual returns and financial statements will get a limited window to regularise their records after the Ministry of Corporate Affairs (MCA) on Tuesday notified the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026). The Scheme will be in force from April 15 to July 15, 2026.
The Corporate Laws (Amendment) Bill, 2026, was introduced in the Lok Sabha on Monday, proposing changes to the Companies Act, 2013, and the Limited Liability Partnership Act, 2008, that would remove criminal liability for several procedural violations, revise penalty provisions, and give wider statutory powers to regulators.