Authority: National Company Law Tribunal Chandigarh Bench (Court-II)

Order Date: 07.07.2026

Case Overview

The National Company Law Tribunal (NCLT) Chandigarh Bench heard a joint first motion application filed by Pravesha Industries Private Limited (Transferor Company) and Alternicq Limited (Transferee Company) under Sections 230-232 of the Companies Act, 2013. The application sought approval for a composite scheme of arrangement involving the amalgamation of Pravesha Industries into Alternicq Limited, with an appointed date of 01.04.2026.

The applicant companies requested dispensation of meetings for shareholders and secured creditors who had provided consent, while seeking directions for convening meetings of unsecured creditors. Pravesha Industries is an integrated packaging solution provider for pharma, FMCG and other industries, incorporated in 1993 with an authorized capital of ₹15 crore and paid-up capital of ₹14.83 crore as of 28.02.2026. Alternicq Limited (formerly Manjushree Technopack Limited) is engaged in manufacturing rigid plastic packaging products, incorporated in 1987 with an authorized capital of ₹25.10 crore and paid-up capital of ₹19.67 crore as of 28.02.2026.

The rationale for the amalgamation includes consolidation of packaging business, operational efficiency improvements, economy of scale, reduction in overhead expenses, and rationalization of group structure. The scheme is not a corporate debt restructuring scheme, and no investigations under Sections 206-229 of the Companies Act are pending against either company.

Final Outcome

The NCLT allowed the application with the following directions:

  • Meetings of equity shareholders of both companies are dispensed with (100% consent for Pravesha, 93.71% in value for Alternicq)
  • Meetings of preference shareholders of both companies are dispensed with (100% consent)
  • Meetings of secured creditors of both companies are dispensed with (100% consent)
  • Meetings of unsecured creditors must be convened through video conferencing
  • Advertisement must be published in Financial Express (English) and Jansatta (Hindi) Haryana editions at least one month before meetings
  • Individual notices in Form CAA-2 must be sent to unsecured creditors via registered post, speed post, courier, email, or hand delivery
  • Mr. Ajay Kumar Srivastava, IRS (Retd.) appointed as Chairperson with fee of ₹1,50,000
  • Mr. KV Singhal, Company Secretary appointed as Scrutinizer with fee of ₹75,000
  • Quorum requirements as per Section 103 of Companies Act, 2013 apply
  • Proxy voting dispensed with as per MCA Circular No. 14/2020
  • Chairperson must report meeting results to Tribunal in Form CAA-4 within 7 working days

The companies were granted liberty to file a second motion petition following completion of the directed procedures.

Topics: Corporate Amalgamation, Packaging Industry, NCLT Proceedings