| The National Company Law Tribunal (NCLT) has approved a Scheme of Amalgamation between Royal Spinwell and Developers Private Limited and Royal Cushion Vinyl Products Limited, effective October 1, 2021, with Royal Spinwell dissolving into Royal Cushion Vinyl. The approval is contingent upon several directives, including Royal Spinwell obtaining a “no dues certificate” from the Income Tax Authority regarding land sales and filing a certified copy of the order with the Registrar of Companies within 30 days. While the NCLT deemed the scheme fair and reasonable, it emphasized that the approval does not exempt the companies from income tax or GST obligations and that regulatory authorities retain the right to take action. All staff, assets, liabilities, and duties of Royal Spinwell will transfer to Royal Cushion Vinyl. |