NCLT Sanctions Maxbhumi Developers-Sleek International Merger With Asian Paints
It was unanimously approved by the Boards on 27-28 March 2024;
By: : Anjali Verma
Update: 2025-01-24 21:00 GMT
NCLT Sanctions Maxbhumi Developers-Sleek International Merger With Asian Paints
It was unanimously approved by the Boards on 27-28 March 2024
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the Scheme of Amalgamation of Maxbhumi Developers Limited and Sleek International Private Limited with Asian Paints Limited.
The tribunal’s sanction was sought under Sections 230 to 232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016.
The NCLT stated, "The Scheme appears to be fair and reasonable and is not in violation of any provisions of law and is not contrary to the public policy.”
The Board of Directors of the wholly-owned subsidiaries of Asian Paints had unanimously approved the proposed Scheme of Amalgamation on 27-28 March 2024.