NCLT partially allows application to amend Resolution Plan for SCRR Rule 19A(5) compliance
NCLT, Mumbai Bench has passed an order partially allowing the company's application to amend its Resolution Plan.
- Tribunal Order
- NCLT, Mumbai Bench partially allowed the company's application to amend its Resolution Plan
- Stated Purpose of Amendment
- To help meet Rule 19A(5) of the SCRR, 1957
- Next Steps
- Taking steps to give effect to the order
What was announced
The company has informed the stock exchanges that the Hon'ble National Company Law Tribunal, Mumbai Bench, referred to as NCLT, has pronounced an order in an application shared by the company.
What the order does
- The NCLT has partially allowed the prayers made by the company in its application.
- The application sought an amendment to the company's Resolution Plan.
- The stated purpose of that amendment was to facilitate the necessary compliance with Rule 19A(5) of the Securities Contracts (Regulation) Rules, 1957, or SCRR.
Reading the word partially
The company's own description is that the prayers were allowed in part. So the order addresses the application, but not by granting everything that was asked for.
What the company says it will do next
- It is in the process of taking the necessary steps to give effect to the order.
- It will undertake the consequential compliances, as applicable.
What a retail investor can take away
This is an update about a legal and regulatory process around the company's Resolution Plan and a rule under the SCRR, 1957. It is not a financial result, an order win or a fund raising announcement. The disclosure tells you that a tribunal has acted on the company's application and that the company is now moving to implement that order and complete the follow-on compliance work.
Points to keep in mind
- A Resolution Plan and the SCRR are technical, process-linked areas; the practical effect for shareholders depends on how the order is implemented.
- The company has said it will take the necessary steps and complete consequential compliances, which makes this an update to track going forward.
- The disclosure was signed by Prabhu Shankarappa Biradar, Director, on behalf of the company.
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