Intimation of filing of First Motion Order passed by the Hon''ble NCLT, New Delhi Bench, in the matter of Scheme of Amalgamation.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The NCLT New Delhi has passed a First Motion Order approving the scheme to amalgamate two wholly-owned subsidiaries - Rex Overseas Private Limited and S & S Balajee Mercantile Private Limited - into Ekam Leasing and Finance Company Limited (the parent/listed company). Both transferor companies are 100% owned by Ekam Leasing. The NCLT has dispensed with meetings of shareholders and creditors for the transferor companies since 100% consent was obtained. However, a meeting of equity shareholders of Ekam Leasing will be convened through video conferencing for approval. The appointed date for the scheme is 1st April 2025. No new shares will be issued since this is a wholly-owned subsidiary merger. The company has confirmed there will be no change in management, control, or shareholding pattern. RBI has been notified as Ekam Leasing is a registered NBFC.
This amalgamation is expected to be neutral for existing shareholders as there is no dilution or change in shareholding. The merger simplifies the corporate structure by consolidating wholly-owned subsidiaries into the parent, which may reduce compliance costs and improve operational efficiency. No impact on stock valuation is anticipated.