NCLT JUDGEMENT ON SECTION 13, 14, 16, 61, 230, 230(1), 230(3), 230(4), 230(5), 230(6), 231, 232, 232(3)(I), 232(6) OF THE COMPANIES ACT, 2013 AND SECTION 45(IA) OF RESERVE BANK OF INDIA ACT, 1934.


Wellworth Capital Services Private Limited Vs. Wellworth Financial Services Private Limited, (2020) 08 NCLT CK 0052

NCLT allowed the petition filed by the petitioner for seeking sanction, of the tribunal under Sections 230 to 232 of the Companies Act, 2013, to the Scheme of Amalgamation (Merger by Absorption) of the (Transferor Company) with the Transferee Company) and their respective shareholders ('Scheme'). While allowing the petition NCLT held that from the material on record, the Scheme appears to be fair and reasonable and does not violate any provisions of law and is not contrary to public policy or public interest. Since all the requisite statutory compliances have been fulfilled, C.P. (CAA)/939/MB/2020 have been made absolute in terms of prayer Clause 32(a) of the Petition mentioned therein. The Scheme of Amalgamation (Merger by Absorption) is sanctioned hereby, and the Appointed Date of the Scheme is 1st April, 2019. The Transferor Company is dissolved without winding up.

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