NCLT Hyderabad approved Pitti Engineering's scheme to amalgamate two wholly-owned subsidiaries, Pitti Industries Private Limited and Dakshin Foundry Private Limited.
Tribunal dispensed with meetings of equity shareholders and creditors of all three companies based on consent affidavits representing 90-100% of debt.
Scheme aims to simplify corporate structure, achieve operational synergies, and eliminate compliance duplication across manufacturing businesses.
No shares will be issued as consideration since subsidiaries are fully owned; existing investments will be cancelled upon scheme effectiveness.