NCLAT approves Embassy group's merger scheme with Equinox India
This story was originally published at 13:42 IST on 7 January 2025
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--NCLAT approves Embassy group's merger with Equinox India
NEW DELHI – The National Company Law Appellate Tribunal on Tuesday approved the merger of some residential and commercial projects of realty firm Embassy group with Indiabulls Real Estate Ltd., which changed its name to Equinox India Developments Ltd in July. At 1308 IST, shares of Equinox India were up 20% at INR 143.58 on the National Stock Exchange.
In 2020, the Embassy group had entered into a scheme of arrangement to merge NAM Estates Pvt. Ltd. and Embassy One Commercial Property Developments Pvt. Ltd. into Equinox India. This would make Embassy Group promoter of the proposed entity. The Competition Commission of India and the Bengaluru bench of the National Company Law Tribunal had approved the merger in 2021 and 2022, respectively.
However, in 2023, the Chandigarh bench of the National Company Law Tribunal withheld sanction to the merger after objections from the income tax department. Challenging this, Equinox India Developments had moved the appellate tribunal.
In an exchange filing in 2023, Equinox India said it strongly believed that the objections and concerns by the income tax department were unfounded, unjustified and did not impact the merger in a significant manner and had, accordingly, been addressed before the tribunal. Meanwhile, according to media reports, Embassy group Chairman Jitu Virwani said that the company had provided all the necessary details and clarifications sought by the tribunal regarding the details of NAM Estates and Embassy One, and had also meticulously addressed the objections cited by the income tax department, including giving an undertaking that any past tax issues would be borne by Embassy group and not by the public shareholders of Equinox India. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Avishek Dutta
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