NCLT dispensed with shareholder meetings for Parle Group restructuring scheme

Parle Products Private Limited Vs Parle Brands Private Limited (NCLT Mumbai) Conclusion: Where a composite scheme of arrangement satisfies the procedural requirements of sections 230 to 232 of the Companies Act, 2013 and the requisite stakeholder consents are available, the Tribunal may dispense with meetings of the concerned classes, direct compliance with statutory notice requirements and permit the scheme to proceed to the second motion stage for final sanction. Held: Applicant companies filed a joint application under sections 230 to 232 of the Companies Act, 2013 seeking directions in rel...