NCLT Mumbai approves convening of meetings for amalgamation of Rituh Holding and Paladin Paints with Hitech Specialities Solutions under common control of Mrs. Ina Dani.
Scheme aims to consolidate specialty chemicals manufacturing and trading businesses to achieve operational synergies, reduce compliance costs, and streamline group structure.
Shareholder meetings dispensed for Rituh (3 shareholders) and Hitech (5 shareholders) due to 100% consent; equity meeting ordered for Paladin's 70,85,955 shares.
Creditor meetings largely dispensed with as secured creditors (Rs 14.6Cr) and majority unsecured creditors (92.12% value) provided consent affidavits for the scheme.