Kalpataru Gets NCLT Nod To Withdraw Project Magnus Demerger, Mumbai Bandra (East) Transfer Plan Scrapped
Kalpataru Ltd has secured approval from the National Company Law Tribunal (NCLT) Mumbai Bench to withdraw a demerger scheme for its Project Magnus undertaking. The scheme involved transferring Project Magnus from its wholly owned subsidiary, Kalpataru Properties Ltd, to the parent company.
Kalpataru Ltd has secured approval from the National Company Law Tribunal (NCLT) Mumbai Bench. |
Mumbai: Kalpataru Ltd announced on Monday that the National Company Law Tribunal (NCLT), Mumbai Bench Court III, Special Bench, has approved the withdrawal of a scheme of arrangement for demerger.
Scheme Withdrawal Details
This scheme involved the demerger of the 'Demerged Undertaking', specifically Project Magnus, located in Bandra (East), Mumbai, from Kalpataru Properties Ltd (formerly Kalpataru Properties Private Limited).
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Subsidiary Involved
Kalpataru Properties Ltd is a step-down wholly owned subsidiary of Kalpataru Ltd. The demerger aimed to transfer Project Magnus into the parent company on a going concern basis.
Appointed Date and Prior Disclosure
The appointed date for the proposed demerger was April 1, 2024. Kalpataru had previously disclosed on June 2, 2026, that its Executive Committee of the Board of Directors had approved the withdrawal of this scheme.
NCLT Order Received
The company received the order from the NCLT Mumbai Bench Court III, Special Bench, on July 8, 2026, permitting the withdrawal of the scheme. The order was received by the company at 12:20 p.m. on the said date.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
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