NCLT approves first motion for amalgamation of wholly-owned subsidiary Futech Internet
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Anka India announced that NCLT Chandigarh Bench (Court-I) has approved the first motion of the Scheme of Amalgamation of its wholly-owned subsidiary Futech Internet Private Limited with the company. The scheme still needs second motion approval from NCLT New Delhi Bench, which is the jurisdictional tribunal of the transferor company. The scheme will become effective once all conditions in the scheme and applicable regulatory compliances are fulfilled. Company will update exchanges once effective.
Positive step to simplify corporate structure by merging wholly-owned subsidiary. Still needs NCLT New Delhi approval before becoming effective.