Corporate News
The National Company Law Tribunal (NCLT) has approved a scheme of arrangement merging a Transferor Company into a Transferee Company, with the Transferor Company dissolving and its assets and liabilities transferring to the Transferee Company as of April 1, 2025. The NCLT deemed the scheme fair, reasonable, and compliant with applicable laws, while noting the Transferor Company’s negative net worth. Companies are directed to file the order and scheme with the Registrar of Companies within 30 days and communicate it to relevant statutory authorities, ensuring the protection of creditors and employees, and transferring all tax liabilities and ongoing legal proceedings. The order does not grant exemptions from stamp duty or taxes, and the Income Tax Department retains the right to examine tax obligations.