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News Topical, Digital Desk : The Delhi bench of the National Company Law Tribunal (NCLT) has approved the scheme of merger of Suzuki Motor Gujarat (SMG) with its parent company Maruti Suzuki India Limited (MSIL). According to PTI, the two-member bench, comprising Chairman Ramalingam Sudhakar and Member Ravindra Chaturvedi, delivered the verdict on a joint petition filed by the two companies. The petition was initially filed in the Ahmedabad and Delhi benches, and was later transferred to the principal bench in New Delhi.
The appointment date for the transfer scheme has been set for April 1, 2025. In its order, the tribunal stated that the scheme is in the best interests of both companies, their employees, creditors, and shareholders, and that there are no impediments to its approval. According to the order, all employees of Suzuki Motor Gujarat who were on its payroll prior to the effective date will be deemed to be employees of Maruti Suzuki India from that date.
The NCLT's 59-page order also stated that statutory bodies such as the Income Tax Department, Basic and NSE, the Reserve Bank of India (RBI), and SEBI (Security and Financial Institutions) did not submit any objections or comments to the scheme. In its 59-page order, the NCLT stated that after completing all legal formalities, the merger scheme is approved under Sections 230 and 232 of the Companies Act, 2013. According to the order, Suzuki Motor Gujarat will cease to exist upon implementation of the scheme and will not be required to go through the winding-up process. Additionally, the company will be required to submit its GST number and PAN card to the relevant authorities.
Read More: Merger news: NCLT approves merger - Maruti Suzuki shares in focus
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