Zenith Healthcare approves amalgamation with Achyut Healthcare
Zenith Healthcare Limited announced that its Board of Directors has approved a Scheme of Amalgamation with Achyut Healthcare Limited. The amalgamation, which involves the consequent dissolution of Achyut Healthcare without winding up, is subject to approvals from statutory authorities like the National Company Law Tribunal (NCLT), as well as shareholders and creditors. The scheme is structured under Sections 230-232 of the Companies Act, 2013. Zenith Healthcare will issue equity shares to Achyut Healthcare's shareholders as consideration. The transaction is considered a related party transaction as both companies belong to the same group, but it will not attract Section 188 of the Companies Act, 2013.
Key Highlights
- Board approved amalgamation of Zenith Healthcare with Achyut Healthcare.
- Scheme involves dissolution of Achyut Healthcare without winding up.
- Consideration will be equity shares issued by Zenith Healthcare.
- Transaction requires NCLT, shareholder, and creditor approvals.
- Amalgamation is a related party transaction but exempt from Section 188.
Price Impact
More from ZENITHHE