Highlights
- The National Company Law Tribunal has approved the Scheme of Amalgamation of HT Mobile Solutions Limited with HT Media Limited under the Companies Act, 2013.
- The National Company Law Tribunal, New Delhi Bench, had initially rejected the scheme due to lack of shareholder approval from one of the Transferor Companies, but this decision was reversed by the appellate tribunal.
The National Company Law Tribunal has approved the Scheme of Amalgamation of HT Mobile Solutions Limited with HT Media Limited pursuant to Section 230-232 and other applicable provisions of the Companies Act, 2013.
The company filed an appeal challenging the National Company Law Tribunal, New Delhi Bench (NCLT) order which did not deem it fit to approve the proposed Scheme on the ground that shareholders of one of the Transferor Company had not approved the proposed scheme.
The same was set aside by the appellate tribunal. Further directing NCLT to revisit the application of second motion r stating that the NCLT is vested with sufficient powers under the Companies Act to even partly sanction the scheme.
The Company had filed an application seeking directions from NCLT for listing and disposal of the second motion application and after consideration, NCLT, New Delhi Bench, approved the Scheme.
The matter was heard before the bench of Mahendra Khandelwal (Judicial Member), and Dr. Sanjeev Rajan (Technical Member).
The Appointed Date of the Scheme is April 1, 2020.
