NCLT Dispenses With Shareholder and Creditor Meetings for Demerger of Managed Office Business

Notices issued to equity shareholders and unsecured creditors on the proposed demerger.

Thu 24 Sep 2026

NCLT Order Date

21 September 2026

Subsidiary Ownership

100% wholly-owned subsidiary

New Shares Issued

No new shares being issued

Consideration Payable

No consideration is payable

Representation Period

30 days from receipt of notice

What was shared

EFC (I) Limited has circulated notices to its equity shareholders and unsecured creditors under Regulation 30, following the NCLT Mumbai Bench order dated 21 September 2026 in Company Scheme Application C.A.(CAA)/160/MB/2026.

The transaction

EFC Limited, the Demerged Company, proposes the demerger of its asset-light managed office solutions business, operated through leased commercial premises, into EFC (I) Limited, the Resulting Company. The Scheme is under Sections 230 to 232 of the Companies Act, 2013.

EFC Limited is a 100% wholly-owned subsidiary of EFC (I) Limited.

Impact on shareholders

• No new shares are being issued.
• No consideration is payable.
• No change in the issued share capital or shareholding pattern of EFC (I) Limited.
• The notice states the Scheme does not affect the interest or rights of shareholders.

This follows from the parent already owning the entire equity of the subsidiary, so the business moves up within the same group.

What the NCLT ordered

The Tribunal dispensed with convening and holding meetings of the equity shareholders, secured creditors and unsecured creditors of the Resulting Company. For unsecured creditors, the notice cites the positive net worth of the company and the absence of any compromise, reduction or arrangement with creditors.

Next steps for stakeholders

• Shareholders and creditors may send queries, observations or communications to the company within 30 days from receipt of the notice, addressed to the Company Secretary.
• Unsecured creditors may also make representations to the NCLT Mumbai Bench within 30 days; if none are received, it will be presumed there is no representation.
• The Scheme and related documents are available on the company's investor relations webpage.

How to read it

This is a procedural step in an internal group reorganisation. The Scheme still requires sanction by the NCLT before it takes effect.

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