Digjam Ltd: NCLT Chennai Admits Scheme of Arrangement Application

Digjam Limited has received an order from the National Company Law Tribunal (NCLT), Chennai Bench, admitting their joint application concerning a Scheme of Arrangement. This scheme involves Reid & Taylor International Private Limited as the Demerged Company and Digjam Limited as the Resulting Company. The NCLT has directed the convening of meetings for unsecured creditors of the Demerged Company and equity shareholders of the Resulting Company to approve the scheme. Further directions include issuing notices to regulatory authorities and stakeholders, and procedural compliances. The order is procedural, paving the way for shareholder and creditor approvals, and final sanction from the NCLT. This marks a significant procedural step in the proposed demerger.