Palco Metals: NCLT allows Scheme of Arrangement First Motion Application

Palco Metals Limited has announced that the Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench, has allowed its First Motion Application concerning the Scheme of Arrangement between Palco Metals Limited (Transferee Company) and Palco Recycle Industries Limited (Transferor Company). The NCLT has directed the convening of meetings for equity shareholders of Palco Metals and secured and unsecured creditors of both companies within 45 days. The scheme is subject to approvals from shareholders, creditors, and the NCLT.