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NCLT allows Future Group to hold EGMs to sell businesses to Reliance Retail Ventures
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Future gets NCLT nod to hold shareholders meet with RIL: Report
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Future Group gets NCLT nod to meet on sale of biz to RIL
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Synopsis
“From the material on record, the Scheme of Amalgamation appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to the public interest,” NCLT bench headed by justices Suchitra Kanuparthi and Rajesh Sharma passed the order dated 5th of May.
Agencies
The proposed amalgamation will lead to simplification of the corporate structure and consolidation of the India businesses of the RHIM group,
The National Company Law Tribunal (NCLT) has approved the scheme of amalgamation of Indian subsidiaries of RHI Magnesita, a global refractory manufacturing company that will make the two subsidiary companies RHI Clasil and RHI India to be merged into the public listed entity
NCLT admits insolvency proceedings against Tops Security
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Synopsis
Punjab National Bank (International) Ltd had on March 16 last year approached the tribunal seeking initiation of corporate insolvency resolution process against Topsgrup after its UK-based subsidiary The Shield Guarding Company allegedly defaulted on dues of over ₹136 crore.
Agencies
Shield Guarding s loans were declared a NPA in November 2015.
The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted insolvency proceedings against Topsgrup Services and Solutions, popularly known as Tops Security.
The bench has also appointed chartered accountant Rajendra Karanmal Bhuta as interim resolution professional (IRP) to oversee the company’s day-to-day affairs and revival plans.