NCLT Indore allows Indo Thai Securities Ltd to convene meetings of its 17,326 equity shareholders and 1,004 unsecured creditors to approve a demerger scheme.
The tribunal dispenses with meetings for secured creditors (100% consent) and for the transferee company, Indo Thai Financial Services Ltd, which has 100% shareholder consent.
The scheme proposes a 1:1 share swap to demerge the broking and distribution business into a separate listed entity to enable focused growth.
Applicants directed to serve notices to SEBI, RBI, tax authorities, exchanges, and others, and file a second motion petition within 15 days for final approval.