Corporate News
The National Company Law Tribunal (NCLT) has approved a scheme of amalgamation between Kilburn Chemicals Limited and a wholly-owned subsidiary, subject to several conditions. The order, issued recently, mandates that the transferee company comply with the Gujarat Stamp Act of 1958 and pay applicable fees, including Rs. 70,000 to the Regional Director and Rs. 30,000 to the Official Liquidator. All workers and employees of Kilburn Chemicals will be absorbed by the transferee company under terms no less favorable than their existing conditions. Notably, the Income Tax Department retains the right to review the scheme's tax implications and take action if it's deemed for tax avoidance, while existing tax benefits and losses will be available to the transferee company.