In re Chhatisgarh Investments Limited And Sarda Dairy & Food Products Limited (NCLT Mumbai)
NCLT Mumbai Approves Demerger of Sarda Dairy & Food Products Ltd into Chhatisgarh Investments Ltd
The National Company Law Tribunal (NCLT), Mumbai considered an application under Sections 230 to 232 and 66 of the Companies Act, 2013 seeking sanction of a Composite Scheme of Arrangement between Sarda Dairy & Food Products Limited, the Demerged Company, and Chhatisgarh Investments Limited, the Resulting Company. The Scheme provided for reorganisation of reserves and reduction of the equity share capital of the Demerged Company, followed by the demerger of its demerged undertaking into the Resulting Company. The Tribunal heard the learned Practising Company Secretary for the Applicant Company and the representative of the Regional Director (Western Region-II), Ministry of Corporate Affairs. No objections were received from any objector or other party opposing the Scheme.
The Applicant Company submitted that the Board of Directors had unanimously approved the Scheme through a resolution dated 12.08.2025. The Company Scheme Petition was filed pursuant to the Tribunal’s order dated 12.02.2026 passed in the connected Company Scheme Application No. C.A.(CAA)/261/MB/2025. By the same order, meetings of the equity shareholders, secured creditors and unsecured creditors were dispensed with. The Applicant Company stated that it had complied with the Tribunal’s directions by filing the required affidavits of compliance and undertook to comply with all statutory requirements under the Companies Act, 2013 and the Rules.
