Meesho closes $550 million round; moves NCLT to shift domicile, ET LegalWorld
Ecommerce firm Meesho has closed another $250-$270 million in financing with new investors Tiger Global, Think Investments, Mars Growth Capital joining an ongoing capital raise, taking the round’s total to about $550 million, majority of which is in secondary, people aware of the development told ET. The SoftBank- and Prosus-backed ecommerce firm has also filed […]
NCLT approves merger of Maxbhumi Developers and Sleek International with Asian Paints, ET LegalWorld
The National Company Law Tribunal (NCLT), Mumbai Bench, has sanctioned the Scheme of Amalgamation of Maxbhumi Developers Limited and Sleek International Private Limited, wholly owned subsidiaries of Asian Paints Limited with Asian Paints Limited itself. The sanction of the Tribunal was sought under Sections 230 to 232 of the Companies Act, 2013 read with the […]
Aakash’s backers slam AoA tweak plan at NCLT
Senior advocate Darius Khambata, representing the minority shareholders, said that these articles are legally binding and would take precedence over any agreement between the shareholders. Source link
NCLT orders liquidation of Go First, Legal News, ET LegalWorld
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly three years ago after being bogged down by financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process citing financial woes. The tribunal, in a 15-page order, said it is […]
NCLT orders liquidation of Go First Airways, ET LegalWorld
The National Company Law Tribunal (NCLT) ordered the liquidation of Go First Airways after a request from the airline’s Committee of Creditors (CoC), Bar and bench reported on Monday. The NCLT bench, consisting of Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan, confirmed the decision, saying, “Liquidation is ordered.” Go First filed a […]
NCLT directs liquidation of Tulip Hotels as it fails to get bidder within prescribed timeline, ET LegalWorld
NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline. On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming […]
Udaan gets NCLT nod for biz consolidation ahead of potential IPO, ET LegalWorld
Representative Image B2B e-commerce platform Udaan has received NCLT approval for the consolidation of its various business entities including its technology platform, distribution and logistics services and wholesale trading into one entity – Hiveloop Ecommerce, sources aware of the development told ETRetail. With a unified entity the company is aiming for simplifying its operations, especially […]
NCLT Mumbai’s outsourcing staff goes on strike over delay in salary, ET LegalWorld
The outsourcing and contractual staff at the Mumbai bench of the National Company Law Tribunal (NCLT) went on strike Tuesday over non-payment of salaries for a month. The contractual and outsourcing staff, in a memorandum, has stated that they have gone on strike with effect from January 14 and are ‘refraining from performing their professional […]
NCLT nod for Zepto parent’s merger with Singapore unit, ET LegalWorld
The National Company Law Tribunal (NCLT) has approved the merger of Kiranakart Technologies, which operates quick commerce platform Zepto, with its Singaporean affiliate entity Kiranakart Pte Ltd—a move that will help accelerate its initial public offering (IPO) plans in India this year. Zepto’s domicile flip to India will formally complete within the next 30 days, […]
NCLT gets 24 new judicial, technical members, ET LegalWorld
New Delhi, Twenty-four new judicial and technical members have been appointed to the National Company Law Tribunal, a quasi-judicial authority that deals with corporate disputes. According to a notification issued by the Ministry of Corporate Affairs, the judicial and technical members have been appointed for a period of five years from the date they assume […]