NCLAT acts on Sebi plea, stays NCLT's Assam Company takeover order

Market regulator says firm is a shell company whose delisting under the RP will make process of forensic audit more difficult

Acting upon a petition filed by the Securities Exchange Board of India (Sebi), the National Company Law Appellate Tribunal (NCLAT), has stayed till the next hearing, BRS Ventures’ Rs 12.14 billion resolution plan for taking over of Assam Company. The proposal had earlier been approved by the Guwahati bench of the National Company Law Tribunal NCLT.

Sebi has contended that NCLT’s approval of the plan, which will delist the shares of Assam Company, is “directly in conflict with the jurisdiction and the interim directions passed by Sebi”. It has alleged that the Assam Company is a “shell company” and an