NCLT Mumbai approved the amalgamation of Vidarbha Industries with Adani Power under Sections 230–232 of the Companies Act, 2013. The scheme preserves tax, stamp duty, and regulatory rights of the parties.
Vidarbha-Adani Power Merger Sanctioned by NCLT Mumbai
The National Company Law Tribunal (NCLT), Mumbai, has sanctioned the amalgamation of Vidarbha Industries Power Ltd with Adani Power Ltd under Sections 230–232 of the Companies Act, 2013. The approval permits the seamless transfer of business, assets, and liabilities, subject to compliance with applicable regulatory frameworks.
The tribunal observed that the scheme of amalgamation is fair, equitable, and in public interest. It specifically upheld the preservation of tax benefits, stamp duty exemptions, and other statutory rights accrued or available to the respective entities prior to amalgamation. The order ensures continuity in operational and regulatory compliance posture post-merger.
For practitioners, this reaffirms the NCLT’s supportive stance toward commercially sound corporate restructuring involving infrastructure and energy sectors. Due diligence on tax and stamp law implications remains critical when structuring such schemes to ensure eligibility for transitional safeguards.
Citations
- Companies Act, 2013, Sections 230-232
