NCLT Approves Mirza International-RTS Fashion Amalgamation

NCLT Allahabad Bench sanctioned the Scheme of Amalgamation of RTS Fashion Limited, a UAE-based WOS, with its Indian parent, listed Mirza International Limited.
The Tribunal noted an outstanding Income Tax demand of ₹7.26 Cr against Mirza but accepted the company's undertakings to settle all liabilities.
The order directs the Transferee Company to comply with all tax proceedings and file a modified IT return under Section 170A of the Income Tax Act.
No new shares will be issued as the transferor is a wholly-owned subsidiary, and all assets and liabilities will transfer to Mirza International effective 1st April 2025.