NCLT approves R Systems International's scheme to amalgamate its two wholly-owned subsidiaries, Velotio and Scaleworx.
The scheme received near-unanimous approval from shareholders and creditors, with 99.68% equity shareholder consent.
The appointed date for the amalgamation is set as 01 April 2024, aiming for operational synergies and management efficiency.
Statutory authorities including Income Tax and Regional Director raised no objections but reserved rights on tax implications.