Delta Corp Moves NCLT Mumbai For Demerger Of Its Gaming And Hospitality Businesses
Kirit Singhania
18 Jan 2026 7:03 PM IST
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.
The company has indicated that the restructuring is expected to provide enhanced strategic flexibility, facilitate focused growth, and improve capital allocation across business segments.
Under the proposed restructuring, the company's gaming business, comprising casino operations and allied activities, will be housed in one entity, while the hospitality and real estate business, including hotels and resorts, will be consolidated under a separate entity. The company has stated that the distinct nature of regulatory frameworks, tax structures, and capital requirements governing these verticals requires a separate corporate structure for efficient management.
The demerger is proposed to be implemented as a mirror split, whereby shareholders of Delta Corp will receive one equity share in the resultant company for every equity share held in the existing company. After the demerger, the shareholding pattern of both entities will remain identical, ensuring no dilution of shareholder interest.
Delta Corp has already received approvals from the National Stock Exchange of India and BSE Ltd. The scheme is proposed to take effect from April 1, 2025, subject to NCLT approval and completion of other statutory formalities.