Utkarsh Small Finance Bank Limited has informed the Exchange about Update on the Scheme of Amalgamation- Filing of Joint 2nd Motion petition with NCLT
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Utkarsh Small Finance Bank Limited has filed a joint second motion petition with the National Company Law Tribunal (NCLT), Allahabad Bench, seeking sanction of the Scheme of Amalgamation with Utkarsh CoreInvest Limited. This follows the earlier approval by Equity Shareholders and Unsecured Creditors at meetings convened pursuant to NCLT directions. The petition has been filed under Sections 230 to 232 of the Companies Act, 2013. This is a standard procedural step in the amalgamation process where the court reviews and sanctions the scheme after shareholder approval has been obtained.
The filing marks progress in the amalgamation process. If NCLT sanctions the scheme, Utkarsh CoreInvest Limited will merge into the bank. This is a routine regulatory step and does not immediately affect shareholder value, but successful completion will finalise the consolidation.