Corporate News
A court order formally approved a scheme of arrangement between two companies, setting October 1, 2026, as the effective date for the transfer of assets, liabilities, and operations. The court deemed the arrangement “fair and reasonable” after receiving no objections from the Regional Director, Official Liquidator, the Securities and Exchange Board of India (SEBI), and the Bombay Stock Exchange (BSE). The Transferor Company will be dissolved without liquidation, with all its liabilities, including tax obligations, transferring to the Transferee Company. The Transferee Company must also comply with all applicable laws and regulations, and provide necessary documentation to the Registrar of Companies within 30 days. All employees of the Transferor Company will transition to the Transferee Company under favorable terms, and ongoing legal proceedings against the Transferor Company will continue against the Transferee Company.