Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai
Order Date: July 7, 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard a suo moto application taken up under Rule 154 of the NCLT Rules, 2016. The application concerned Malladi Specialities Ltd and was filed under Sections 230-232 of the Companies Act, 2013, which deal with schemes of arrangement, compromise, and reconstruction. The tribunal had previously ordered meetings for the scheme via an order dated June 29, 2026. The present hearing was to address a rectification of that order, specifically regarding the appointment details for the chairperson of the meetings.
Final Outcome
The tribunal ordered the rectification of paragraph 24(i) of its June 29, 2026 order. The rectified paragraph appoints Mr. B.T. Kaul (Mobile: 9810894728) as the Chairperson for the meeting of the Transferee Company. His fee was set at ₹1,50,000 (Rupees One Lakh Fifty Thousand) plus any incidental expenses. The Chairperson is directed to file the report of the meetings within one week from the date they are held. All other contents of the original order were to remain unchanged. This rectification order was directed to form part of the original June 29 order.
Topics: Corporate Restructuring, NCLT Proceedings