In a ruling passed on June 6, the NCLT approved a composite scheme of arrangement proposed by Talace Private Limited (holding company of Air India), Tata Sia Airlines Limited (a joint venture between Tata Sons Private Limited and Singapore Airlines Limited, which operates Vistara airlines) and Air India Limited (collectively referred to as petitioner companies).
A Bench of judicial member Harlam Singh Thakur and technical member LN Gupta found that there was no hurdle to granting sanction for the merger scheme.
In this regard, the tribunal noted that the proposed merger had been approved by the concerned shareholders and creditors and that no serious objection had been raised by any regulatory authority.
“Accordingly, sanction is hereby granted to the ‘Composite Scheme of Arrangement’ amongst the Petitioner Companies and their respective shareholders under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013,” the June 6 judgment said.
Source: Barandbench
