In a move to increase the operational and financial efficiency, Swastika Investmart Ltd., said it has completed the merger of its subsidiary company Swastika Commodity Private Limited earlier to engage in the business of commodity and derivatives.
With more than 100 branches, sub-brokers, and a team of 975 employees, Swastika Investmart Ltd. is present in PAN India, offering various services like Stock Broking, Algo Trading, and Mutual Funds, Insurance, Startup funding, loans through its subsidiary company and Investment Banking.
Commenting on this recent development, Sunil Nyati, Managing Director, Swastika Investmart Ltd. said that, “As of 31 March 2021, the gross revenue of Swastika Investmart Ltd. was Rs. 6158.54 lakhs. This merger will contribute to the revenue of Swastika Investmart Limited (Standalone) by 15 percent tentatively. Both companies’ business activities are similar in nature and complement each other, and to achieve inter-alia economies of scale and efficiency and to reduce multiplicity of costs, the merger of the Company is being undertaken. Also, the merger of equity and commodity business will ease KYC requirements and would also directly benefit the clients in terms of maintaining single accounts; inter-se. The main object of this is to combine all the processes of the commodity and equity so that it will become easier for all the clients of the company to manage and settle their accounts under one roof of the company.”
NCLT Mumbai Bench has approved the scheme of merger by Absorption of Swastika Commodities Private Limited, wholly-owned subsidiary of the Company, with the Company, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and rules made thereunder
