Legal12 Aug 2026, 07:44 pm
NCLT Rejects Mallcom's Scheme of Amalgamation
AI Summary
Mallcom (India) Ltd announced that the National Company Law Tribunal (NCLT), Kolkata Bench, has not approved the Scheme of Amalgamation between Mallcom (India) Limited and its wholly-owned subsidiary, Mallcom VSFT Gloves Private Limited. The NCLT cited the failure to meet the requirement of approval from at least 90% of the total shareholders as per Section 233(1)(b) of the Companies Act, 2013. Consequently, proceedings related to the scheme before the Regional Director have been quashed. The company is currently evaluating its next steps.
Key Highlights
- NCLT Kolkata rejected the proposed Scheme of Amalgamation.
- Reason for rejection: Failure to obtain 90% shareholder approval.
- Proceedings before Regional Director have been quashed.
- Company is evaluating further course of action.
- This is a legal and regulatory setback for the amalgamation plan.
Price Impact
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