NCLT Mumbai issues order for Navneet Education's composite scheme involving demerger of Indiannica Learning's publishing business and a capital reduction.
The scheme aims to consolidate complementary publishing businesses, achieve operational synergies, and restructure Indiannica's balance sheet by reducing Rs. 126.77 crore debit balance.
Tribunal directs Navneet Education to convene a shareholders' meeting but dispenses with most creditor meetings after obtaining consents and NOCs.
The appointed date for the scheme is fixed as 01 April 2025, with no share issuance as Indiannica is a wholly-owned subsidiary.