NCLT allows first motion for merger of subsidiary with Eyantra Ventures
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NCLT Hyderabad allowed the first motion application for the scheme of arrangement between Eyantra Ventures (transferee) and its wholly owned subsidiary Prismberry Technologies (transferor). The tribunal dispensed with meetings of equity shareholders and creditors of both companies. No new shares will be issued since Prismberry is wholly owned. Eyantra has 506 equity shareholders and 139 unsecured creditors who did not object to the scheme. Final approval will be sought in the second motion stage.
Progresses internal restructuring without share dilution. Shareholders can still raise objections at the second motion hearing.