Corporate News
The National Company Law Tribunal’s Mumbai Bench has approved a scheme of amalgamation between two companies, addressing concerns raised by the Regional Director, Official Liquidator, and tax departments. As part of the order, the companies have committed to adhering to applicable accounting standards, including AS-5/Ind AS-8, and have certified compliance with Section 133 of the Companies Act. Regarding financial obligations, all assets and liabilities of the Transferor Company will be transferred, and clarifications were provided concerning payments to Micro, Small & Medium Enterprises, with one payment of Rs. 37,150 resulting in a filed Form MSME-1. The Transferee Company, being listed, will also comply with SEBI regulations, and all pending complaints and litigation against the Transferor Company will continue with the Transferee Company. The Transferor Company will be dissolved without winding up, and the undertakings are legally binding.