NCLT Approves Demerger Of Hindustan Unilever's Ice Cream Business Into Kwality Wall's

The National Company Law Tribunal on Thursday approved the demerger of Hindustan Unilever Limited's ice cream business into its wholly owned subsidiary, Kwality Wall's (India) Limited.The scheme will create a separate, independently listed ice cream company and is part of the global restructuring plan of HUL's parent company, Unilever PLC. The scheme was approved by a coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar. As per the order, the demerger will take...

SEBI Has Cleared Modified Demerger Scheme: Vedanta Informs NCLT

Anil Agarwal led Vedanta Limited on Wednesday told the National Company Law Tribunal (NCLT), Mumbai that Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan after earlier warnings on disclosure and compliance issues.Vedanta, a multi-national conglomerate engaged in the business of natural resources exploration intends to split its aluminium, oil and gas, power, and steel busineeses into separate listed entities. A bench of Judicial Member Nilesh Sharma and...

NCLT Mumbai Clears Yatra Online Ltd Subsidiaries' Merger With Parent Company

The National Company Law Tribunal (NCLT) at Mumbai, on Tuesday allowed a Scheme of Amalgamation involving Yatra Online Limited and six of its wholly owned subsidiaries.A coram comprising Judicial Member K R Saji Kumar and Technical Member Anil Raj Chellan allowed a plea filed under Sections 230 to 232 of the Companies Act, 2013, by the subsidiaries seeking sanction of the merger scheme. The scheme involves the amalgamation of the following six transferor companies with the transferee company,...

ZEE-Sony Failed Merger: NCLT Grants Zee Entertainment Permission To Withdraw Merger Implementation

The National Company Law Tribunal (NCLT) Mumbai bench has granted Zee Entertainment Enterprises Limited (ZEEL) permission to withdraw its application seeking the implementation of a merger arrangement with Sony Group Corp-owned Culver Max Entertainment and Bangla Entertainment. This decision follows the termination of the merger agreement by Culver Max and Bangla Entertainment on January 22, 2024 for an alleged breach of the merger cooperation agreement (MCA). The initial merger...

NCLT Mumbai Approves Demerger Scheme For Raymond And Raymond Lifestyle

The National Company Law Tribunal (NCLT), Mumbai bench of Kishore Vemulapalli (Judicial Member) and Anu Jagmohan Singh (Technical Member) has granted approval on for a composite scheme of arrangement involving Raymond Limited (RL), Raymond Lifestyle (RLL), and Ray Global Consumer Trading (RG). RL stated that the rationale behind the scheme was the distinct operational requirements and strategic focus of Raymond's different business verticals. RL currently has both lifestyle and...

NCLT Chandigarh Bench Approves Air India-Vistara Merger

The National Company Law Tribunal (NCLT) Chandigarh bench of Harnam Singh Thakur (Judicial Member) and L. N. Gupta (Technical Member) has given its approval for the merger of Air India and Vistara. The merger, which was initially announced in November 2022, has received the green light from various stakeholders and regulatory bodies. With this merger, Air India Group is set to become India's largest international carrier. The NCLT sanctioned the "Composite Scheme of Arrangement" ...

NCLT Grants Approval For Viacom18 And Star India Merger Scheme

The National Company Law Tribunal (NCLT) in Mumbai has taken the first step towards the completion of merger deal involving Reliance Industries Ltd's Viacom18, its subsidiary Digital18, and Walt Disney's Star India. The tribunal's Mumbai bench has admitted the merger scheme. The merger scheme entails a multi-stage process. Firstly, Viacom18's TV and streaming assets will be transferred to Digital18, its wholly-owned subsidiary. Subsequently, these assets will be demerged...

NCLT Hyderabad Approves Resolution Plan Of Jindal Saw Limited Of Merger With Sathavahanaispat Limited

The National Company Law Tribunal (NCLT), Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badrinath (Member Judicial) and Shri. Charan Singh (Member Technical) has approved the Resolution Plan submitted by Jindal Saw Limited (JSL), a flagship company of the P.R. Jindal Group. This decision allows for the merger of Sathavahana Ispat Limited (SIL), the Corporate Debtor, with JSL. Both JSL and SIL are listed on NSE and BSE. JSL, a leading manufacturer of submerged arc and spiral ...

NCLT-Kochi allows First Motion application in MIDAS Group merger

The National Company Law Tribunal ("NCLT"), Kochi Bench, comprising of Shri Ashok Kumar Borah (Judicial Member) and Shri Anil Kumar (Technical Member), while adjudicating a joint application filed under Sections 230 to 232 of the Companies Act, 2013 by thirteen Midas Group companies seeking sanction of Scheme of Amalgamation between them, has allowed the transferor companies to dispense with the requirements of convening Shareholder's and Creditor's meeting. The order was passed on...