NCLT Chandigarh withholds Embassy Group companies' merger
Real Estate

NCLT Chandigarh withholds Embassy Group companies' merger

The Chandigarh bench of the National Company Law Tribunal (NCLT) has withheld the proposed merger of NAM Estates and Embassy One Commercial Property Developments with Indiabulls Real Estate.

The merger sanctioned by Bengaluru bench the NCLT, which has jurisdiction over NAM Estates and Embassy One on April 22, 2022.

However, the NCLT’s Chandigarh bench, which has jurisdiction over Indiabulls Real Estate, had earlier raised certain concerns based on the objections cited by the Income Tax department to the merger, Indiabulls Real Estate said in a regulatory filing.

Shares of Indiabulls Real Estate fell nearly 20% on Tuesday’s session to end at Rs 55.34 per share.

Embassy Group expressed its disappointment at the Chandigarh bench’s decision.

“We have provided all the necessary details and clarifications sought by the NCLT regarding the details of NAM Estates and Embassy One and have also meticulously addressed the objections cited by the Income Tax department, including giving an undertaking that any past tax issues will be borne by Embassy Group and not by the public shareholders of IBREL,” said Jitu Virwani, chairman, Embassy Group.

Embassy Group remains the largest shareholder in Indiabulls Real Estate and is committed to the creation of one large platform and will explore all possible options at this stage, the Bengaluru-based company said.

Indiabulls added that the company strongly believes that these objections and concerns were unfounded, unjustified and do not impact the merger in a significant manner.

The company said it will await the detailed order to assess the next steps and shall explore all options, including filing an appeal against the order of the NCLT, Chandigarh, before the National Company Law Appellate Tribunal at the earliest.

The merger has already received support from 99.9987% of its shareholders and approval from other regulators. Indiabulls Real Estate’s board will be meeting on Wednesday to chalk out its plan and strategy, the filing added.

Also Read
REC signs agreement to run RDSS Scheme with Nagaland govt
JSW Renew Energy Three signs power purchase deal with Solar Energy Corp..

The Chandigarh bench of the National Company Law Tribunal (NCLT) has withheld the proposed merger of NAM Estates and Embassy One Commercial Property Developments with Indiabulls Real Estate. The merger sanctioned by Bengaluru bench the NCLT, which has jurisdiction over NAM Estates and Embassy One on April 22, 2022. However, the NCLT’s Chandigarh bench, which has jurisdiction over Indiabulls Real Estate, had earlier raised certain concerns based on the objections cited by the Income Tax department to the merger, Indiabulls Real Estate said in a regulatory filing. Shares of Indiabulls Real Estate fell nearly 20% on Tuesday’s session to end at Rs 55.34 per share. Embassy Group expressed its disappointment at the Chandigarh bench’s decision. “We have provided all the necessary details and clarifications sought by the NCLT regarding the details of NAM Estates and Embassy One and have also meticulously addressed the objections cited by the Income Tax department, including giving an undertaking that any past tax issues will be borne by Embassy Group and not by the public shareholders of IBREL,” said Jitu Virwani, chairman, Embassy Group. Embassy Group remains the largest shareholder in Indiabulls Real Estate and is committed to the creation of one large platform and will explore all possible options at this stage, the Bengaluru-based company said. Indiabulls added that the company strongly believes that these objections and concerns were unfounded, unjustified and do not impact the merger in a significant manner. The company said it will await the detailed order to assess the next steps and shall explore all options, including filing an appeal against the order of the NCLT, Chandigarh, before the National Company Law Appellate Tribunal at the earliest. The merger has already received support from 99.9987% of its shareholders and approval from other regulators. Indiabulls Real Estate’s board will be meeting on Wednesday to chalk out its plan and strategy, the filing added. Also Read REC signs agreement to run RDSS Scheme with Nagaland govt JSW Renew Energy Three signs power purchase deal with Solar Energy Corp..

Next Story
Infrastructure Urban

Gurugram to Launch Real-Time Waste Collection App in August

The Municipal Corporation of Gurugram (MCG) plans to introduce an app in August that will provide residents with real-time information about waste collection services. Developed by a private firm, the app will allow residents to track the live location of waste collection vehicles, receive updates on expected arrival times, and monitor the vehicles' proximity to their homes. A research team from a private university in Gurugram has been tasked with identifying features to enhance the app's efficiency and transparency in waste management. Their findings, expected within 15 days, will be reviewe..

Next Story
Infrastructure Transport

South India's First Double-Decker Flyover Opens for Trial Run

South India's first double-decker rail-cum-road flyover was partially opened for a trial run officials announced. Deputy Chief Minister and Bengaluru Development Minister D. K. Shivakumar conducted a 'trial walk' on the newly built flyover, which extends from Ragigudda to Central Silk Board and forms part of the Yellow Line of the Bengaluru Metro. Transport Minister Ramalinga Reddy and other officials also participated in the event. Constructed by the Bangalore Metro Rail Corporation Limited (BMRCL) at a cost of Rs 4.49 billion, the flyover is currently open for vehicular movement on only one ..

Next Story
Infrastructure Transport

GMDA to Reconstruct Key Gurugram Road and Build Flyover

The Gurugram Metropolitan Development Authority (GMDA) announced plans to reconstruct a major master sector dividing road from the Dwarka Expressway junction with Sector 86 Road to IMT Manesar at a cost of ?600 million. This road, currently in severe disrepair, will pass through Sectors 84/88, 85/89, 86/90, and 87/92. Additionally, GMDA will build a ?590 million flyover at Dadi Sati Chowk in Sector 86. "The road will be reconstructed similar to Rampura Road, and the tender for this has been floated," stated Arun Dhankhar, GMDA's chief engineer. Special repairs for major roads across Gurugram a..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000