NCLT approves corporate restructuring of Tega Industries’ promoter group

National Company Law Tribunal, Kolkata Bench (NCLT), has today, i.e. June 14, 2023, pronounced the Order sanctioning the Composite Scheme of Arrangement between Nihal Fiscal Services Private Limited (“NFSPL”), Promoter of Tega Industries Limited (the “Company”), Marudhar Food & Credit Limited (“MFCL”) and MM Group Holdings Private Limited, dated July 16, 2021, all part of the promoter group of the Company.

As per the Scheme, there will be a corporate restructuring wherein, i) MFCL, presently the Company’s Promoter Group entity, will be amalgamated into NFSPL, on a going concern basis; and ii) MM Aqua Technologies Limited and Maple Orgtech (India) Limited, each a subsidiary of NFSPL and presently the Company’s Promoter Group entities, will be transferred and de-merged from NFSPL to MM Group Holdings Private Limited, on a going concern basis.

Pursuant to the aforesaid approval as MFCL will merge into NFSPL, the entire shareholding of MFCL (1.96% of total no. of equity shares) in the Company will stand transferred to NFSPL, resulting in NFSPL holding 57.05 % of the total number of equity shares of the Company.