Services
GST Registration Online
NCLT Adjourns Final Hearing on Kranti Industries Merger with Wonder Precision
Team Finance Saathi
17/Dec/2024
What's Covered Under the Article:
- NCLT adjourns the final hearing of the merger between Kranti Industries and Wonder Precision.
- The hearing, initially scheduled for December 11, 2024, will now take place on January 15, 2025.
- The latest update comes after the order was uploaded on the NCLT website on December 17, 2024.
In an important development related to the corporate merger of Kranti Industries Limited with Wonder Precision Private Limited, the National Company Law Tribunal (NCLT) Mumbai Bench has officially adjourned the final hearing. Originally scheduled for December 11, 2024, the hearing was delayed due to a paucity of time, and the case is now set to be heard on January 15, 2025. This delay came after a disclosure from Kranti Industries under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which highlighted the latest updates on the merger process.
The disclosure, made on December 17, 2024, detailed the adjournment of the case and the new date for the final hearing. This merger, which involves the absorption of Wonder Precision Private Limited by Kranti Industries, is an essential move for both companies, involving intricate regulatory approvals. The order issued by the Hon'ble NCLT mentions that the matter could not be heard in time due to limited available time, leading to the adjournment to January 15, 2025. This decision brings attention to the ongoing legal and corporate processes that must be followed to complete such a merger under Indian law.
The scheme of merger, as outlined in the earlier disclosures, follows Section 230 to 232 of the Companies Act, 2013, which governs the merger and acquisition process in India. This merger is crucial for both companies, and their shareholders are closely watching the case as it progresses through the legal system. The tribunal's order has been made available on the official NCLT website on December 17, 2024, and provides the latest update on the case's timeline.
The delay in the hearing is not unusual in the context of such corporate restructuring cases, as they often require significant time for examination and approval. The process is expected to continue to progress, and companies involved will likely continue to update their shareholders on any further developments as they occur. With January 15, 2025 now marked for the final hearing, both Kranti Industries and Wonder Precision await the decision that could potentially shape their future operations.
For those interested in staying up to date with the latest corporate merger news, it's important to follow announcements from Kranti Industries and Wonder Precision in the coming weeks. As always, SEBI regulations play a crucial role in ensuring transparency in such matters, and stakeholders will need to stay informed to understand how this merger may impact their investments.