| The National Company Law Tribunal has approved a scheme of amalgamation between two companies, directing them to adhere to specific procedures to ensure fairness and transparency for creditors and shareholders. Companies must now hold separate meetings with secured and unsecured creditors of both entities, as well as equity shareholders of one company, providing notice via email, publication in "Business Standard," and company websites, accompanied by a detailed explanatory statement. Mr. Sanjiv Dutt has been appointed Chairperson for creditor meetings, with Adv. Himanshu Kaushik serving as Scrutinizer, both to be compensated with fees and expenses. The order mandates advance submission of voting authorizations, adherence to quorum requirements, and reporting through affidavits confirming compliance and meeting results to the NCLT. |