Corporate News
The National Company Law Tribunal has approved a scheme of merger by absorption, allowing CIE Aluminium Casting India Limited to be absorbed into CIE Automotive India Limited, effectively dissolving CIE Aluminium Casting. The court order waives the requirements for shareholder and creditor meetings for both companies, streamlining the process and reducing associated costs, while mandating that the companies provide notice to relevant parties and allow for a 30-day representation period. Companies must also post the merger scheme and notice on their websites and file compliance affidavits. The order confirms no pending legal issues exist for either company and includes financial details outlining the net worth of CIE Automotive India Limited before and after the merger, ensuring compliance with the Companies Act, 2013, and related regulations.