Corporate News
The National Company Law Tribunal (NCLT) has approved a Scheme of Arrangement between Samvardhana Motherson Auto System Private Limited and Motherson Machinery and Automations Limited, allowing the companies to proceed with the restructuring outlined in Annexure F, effective April 1, 2024. As part of the arrangement, Samvardhana Motherson Auto System Private Limited and Motherson Machinery and Automations Limited will dissolve. The NCLT clarified that the approval does not exempt the companies from paying stamp duty, taxes, or other charges, and reaffirmed that the Companies Act, 2013, does not prohibit mergers involving companies with negative net worth. The Petitioner Companies must file the order and scheme with the Registrar of Companies within 30 days and provide a copy to the Superintendent of Stamps within 60 days.