Mumbai: The National company law tribunal (NCLT), Mumbai has sanctioned the scheme of demerger filed by Ajmera Realty and Infra India Limited (ARIIL) and its wholly owned subsidiary company, Radha Raman Dev Ventures Private Limited (RRDVPL), thus stating that the scheme appears to be fair and reasonable and is not in violation of any provisions of law and is not contrary to public policy.
As per the proposed scheme, whose copy dated January 13,2020, is with the FPJ, mentions that, pursuant to the scheme, as a consideration for the proposed demerger, ARIIL will allot its equity shares of face value of INR 10 each fully paid up to the equity shareholders of ARIIL.
“As per the documents, all the shareholders of ARIIL are and will, upon proposed demerger, remain the ultimate beneficial owners of RRDVPL in the same ratio (inter se) as they hold shares of RRDVPL through ARIlL, prior to the Proposed Demerger,”the scheme document reads.
The petitioner companies while informing the tribunal about its scheme said the ARIIL is majorly into the real estate business and that it has a strong presence in Mumbai and several other cities. Now it is also engaged in an international project in Bahrain.
The counsel for the petitioner companies submitted that , the ARIIL is proposing to develop a project on a land parcel situated in Wadala, ad measuring 28,113 sq.mts. of area which will be developed into commercial project.
“It is proposed to segregate business of development of commercial project (6.5 acres) into separate company such that it will result in focused approach to exploit the growth potential of the project. It will also help in providing flexibility to attract fresh set of investors or strategic partners to participate in the project. This Scheme will result in providing flexibility to ARIIL in scouting for and inviting the potential investors and thereby resulting in unlocking the value of each of the project,” said the counsel while explaining the scheme to the tribunal.
The tribunal after going through the scheme, held that since all the requisite statutory compliances are being fulfilled, the Scheme was thus sanctioned.
