NCLT Allahabad Bench approved the amalgamation of wholly-owned subsidiary Advanced Rail Controls Private Limited into Concord Control Systems Limited on April 15, 2026.
The scheme is effective from the appointed date of April 1, 2025, with no new shares to be issued as the transferor is a wholly-owned subsidiary.
All statutory authorities including ROC, Regional Director, and Income Tax Department reported no objections, with specific undertakings given for tax compliance.
The transferee company undertook to pay any future tax liabilities of the transferor company and comply with Section 232(3)(i) regarding authorized capital fees.