NCLAT allows GOCL Corp merger appeal, directs NCLT

GOCL Corporation Limited has received a favorable order from the National Company Law Appellate Tribunal (NCLAT), Chennai, setting aside the National Company Law Tribunal's (NCLT) order that had dismissed their merger scheme application. The NCLAT directed the NCLT to appoint a chairman and scrutinizers for the meetings of equity shareholders and fix their remuneration within a week. The merger involves Hinduja National Power Corporation Limited (HNPCL) being absorbed into GOCL Corporation Limited. The NCLT had initially dismissed the application due to issues with the appointed date, discrepancies in financial documents, and belated filing. The NCLAT observed that these concerns were premature and that the process should allow shareholders an opportunity to consider the scheme.