Medi Assist intimates stock exchanges that the Regional Director has rejected the fast-track merger application for its two wholly-owned subsidiaries.
The RD cited non-compliance with statutory pre-conditions, including the lack of a shareholder meeting and a consideration/valuation report.
The matter has been referred to the Hon'ble National Company Law Tribunal (NCLT), Bengaluru, for consideration under normal procedures.
The company states this internal restructuring does not impact its consolidated financial statements.