NCLT Approves Spintech-Gagan Ferrotech Composite Amalgamation Scheme

NCLT Kolkata issues first-motion order for a composite amalgamation scheme involving Spintech Infrastructure, Spintech Tubes, and Gagan Ferrotech Ltd.
Meetings of equity shareholders are dispensed with as 100% consents were obtained, while meetings for secured and unsecured creditors of two companies are to be convened.
The scheme's appointed date is 01 April 2025, with a swap ratio determined by an IBBI-registered valuer, OmniFin Valuation Services.
The tribunal appoints a chairperson and scrutinizer for creditor meetings and directs notices to be sent to regulatory authorities including ROC, RD, and tax departments.