Update on NCLT order received to Instant Finserved Private Limited (subsidiary company)

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Nifty Microcap 250market · in no size index; the smallest one is used-0.4%-2.1% vs market

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AI summary

The company's subsidiary, Instant Finserve Private Limited, had bid to acquire M/s. Shrinivas Electricals GTD Private Limited (a corporate debtor) as part of a consortium in an auction held on 16th January 2024. The NCLT has now passed an order rejecting this consortium's bid, ruling that it does not meet the criteria for sale of the corporate debtor as a going concern. Following the rejection, Instant Finserve is exploring all available legal avenues to challenge the order. This update is being filed under SEBI Listing Regulations, 2015 in continuation of a prior intimation dated 24.07.2024.

Likely market impact

Negative for the subsidiary's growth plans, as the failed acquisition means Instant Finserve could not expand via this insolvency-route deal. The stock may see some short-term weakness, though the company has indicated it will pursue legal remedies, keeping the matter open.