Summary
- The NCLT Mumbai has approved a joint application for a Composite Scheme of Arrangement between HSBC InvestDirect Sales & Marketing (India) Private Limited and HSBC InvestDirect (India) Private Limited, allowing for the dispensation of meetings under the Companies Act, 2013.
- The scheme involves the cancellation of 1% shareholding held by an employees’ welfare trust in the transferor company, with a valuation of Rs.283.90 per share, and aims to streamline operations by making the transferor a wholly owned subsidiary.
- All equity shareholders provided consent affidavits, leading to the Tribunal dispensing with their meetings, while individual notices will be sent to unsecured creditors allowing 30 days for representations.
- This decision paves
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