The six NBFCs approached NCLT for the merger and there was no objection to the company scheme petition.
The five companies to be merged with Birla Group Holdings were Birla Family Investments, Birla TMT Holdings, Umang Commercial, Aditya Birla Online Fashion, Infocyber India and Sunbeam Trading & Investments.
The scheme provides for amalgamation of the transferor companies with the transferee companies on a going concern basis.
The appointed date fixed for the scheme is April 1, 2022.
Source: Barandbench
