NCLT Approves EIFCO-Ganga Medical Centre Amalgamation Scheme

NCLT Chennai approves amalgamation of EIFCO Realties into Ganga Medical Centre under Sections 230-232 of Companies Act 2013.
Income Tax Department objected citing tax avoidance concerns over Rs 40 crore property transfer and Rs 12.48 lakh loss carry-forward.
Petitioners undertook not to claim carry-forward losses and paid Rs 40,000 + GST for auditor remuneration to Official Liquidator.
Scheme rationale includes utilizing EIFCO's real estate for hospital expansion and achieving operational synergies between related entities.