Legal13 Jun 2026, 04:11 pm
NCLT Allows First Motion Application for Sammaan Capital Scheme
AI Summary
Sammaan Capital Ltd announced that the National Company Law Tribunal (NCLT) has allowed the first motion application related to a proposed Scheme of Arrangement. The NCLT order, dated June 12, 2026, dispensed with meetings for equity shareholders of the Demerged Company and secured/unsecured creditors of both companies. However, a meeting of the equity shareholders of the Resulting Company (Sammaan Capital Ltd) will be convened to approve the scheme. The company plans to seek clarifications from the NCLT regarding the order.
Key Highlights
- NCLT allows first motion application for Sammaan Capital's Scheme of Arrangement.
- Shareholder and creditor meetings dispensed with, except for Resulting Company shareholders.
- Meeting of Sammaan Capital Ltd equity shareholders to approve the scheme.
- Company to seek clarifications/modifications from NCLT on the order.
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