NCLT has power to sanction proposed modification in the swap ratio of the Transferor Companies to the Scheme of Merger/Amalgamation – One World Center Pvt. Ltd. Vs. FIM Holdco Ltd. and Anr. – NCLAT New Delhi

Hon’ble NCLAT held that:

(i) No major amendment has been proposed to the scheme. The only change which has occurred is a miniscule change in the swap ratio of the Transferor Companies. Admittedly the Scheme is reasonable, just and fair to all the stakeholders of the respective Companies and in accordance with all extant laws.
(ii) NCLT in the interest of time and justice, should have considered the deemed approval of the shareholders as stated in their consent affidavits or in the alternate could have issued directions for tendering fresh consent affidavits rather than dismissing the said CA in limine and asking to file First Motion afresh.

NCLT has power to sanction proposed modification in the swap ratio of the Transferor Companies to the Scheme of Merger/Amalgamation – One World Center Pvt. Ltd. Vs. FIM Holdco Ltd. and Anr. – NCLAT New Delhi Read Post »