PTI reported that Delhi High Court has paved the way for amalgamation of Ambuja Cement India Pvt Ltd with Holcim (India) Pvt Ltd, allowing their joint plea for merger.

A bench of Justice PK Bhasin said both the firms, which belong to Holcim Group of Companies, have fulfilled all legal requirements including holding of the meetings of different stakeholders

Justice Bhasin allowing for the merger and directing that the Registrar of Companies be intimated with the merger order within four weeks said that "Sanction is hereby granted to the scheme of amalgamation of the Transferor Company (Ambuja Cement) with the transferee company (Holcim).”

He added that "Upon scheme becoming effective and from appointed date the Transferor Company shall stand dissolved without being wound up.”

He also said there was no legal impediment in the scheme of amalgamation as Ministry of Corporate Affairs too has said that it has no objection to the proposed amalgamation.

The court said that "Having regard to the averments made in the petition, the material placed on record, including the Scheme of Amalgamation, and the affidavits filed on behalf of the two Companies seeking sanction of this Court and the no objections given by the Official Liquidator as well as the Regional Director (Northern Region), this Court is satisfied that the prayer made in the petition deserves to be allowed. There is no legal impediment to sanction the proposed scheme of amalgamation, which is annexed with the petition."

(Sourced from ET)