Prozone Intu Properties receives NCLT approval for merger of subsidiaries

Prozone Intu Properties announced that the Mumbai Bench of the National Company law Tribunal vide its order dated 17 March 2021 has sanctioned the Scheme of Amalgamation of Royal Mall (Transferor Company) with Prozone Developers & Realtors (Transferee Company) and their respective Shareholders and Creditors (Scheme) pursuant to sections 230-232 and other applicable provisions of the Companies Act, 2013.

The Transferor Company and the Transferee Company are the wholly owned subsidiaries of the Company.

Consequent to the same, the Transferor Company shall cease to be subsidiary of the Company from effective date of the Scheme i.e., the date on which the certified copy of the order is filed with Registrar of Companies, Maharashtra, however the Transferee Company will continue to be the wholly owned subsidiary company of the Company.

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