Corporate News
A court has approved a Composite Scheme of Arrangement that will dissolve Petitioner No. 1, a parent company undergoing a demerger, with its assets and liabilities transferring to First and Second Transferee Companies, effective April 1, 2025. The scheme, which involves a Demerged Company and a Remaining Transferor Company, is binding on all shareholders and creditors. Petitioners have notified statutory authorities, including the Income Tax Department, responding to fifteen notices issued on February 18, 2026, and committed to addressing any future defaults under the Income Tax Act. The Transferee Companies will also assume responsibility for any liabilities or non-compliance of the Transferor Companies, and must allot shares to members and engage employees accordingly.