NCLT Chandigarh approves first motion application for a composite scheme of arrangement involving eight companies from the same group.
The scheme involves demergers of paper trading and agricultural businesses and amalgamation of four NBFCs into YPL Enterprises.
Meetings of equity shareholders and unsecured creditors are dispensed with based on consent affidavits representing 98-100% approval.
The rationale is to streamline the group's holding structure, enhance transparency, and create focused business entities.