Announced Wed, 17 Jun · 15:07 IST
NCLT allows first motion for Palco Metals and Palco Recycle scheme of arrangement
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
-4.4%1-day move
₹141.85
prior close
₹141.00
base price
In-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
-1.3-1.3-1.3—-4.4-6.2-4.8-8.4-6.5-7.6-5.7-0.6——
Up moveDown movePending
AI summary
NCLT Ahmedabad has allowed the First Motion Application for the scheme of arrangement between Palco Metals (Transferee) and Palco Recycle Industries (Transferor). NCLT directed convening of meetings of equity shareholders of Palco Metals and secured and unsecured creditors of both companies within 45 days. Chairman to file meeting report with the Tribunal within 7 days. The scheme still needs shareholder, creditor, and further NCLT approvals.
Likely market impact
Procedural progress only. Scheme still needs shareholder, creditor, and final NCLT approval before it can take effect.