Arkade Developers Ltd. Receives NCLT Approval for Scheme of Arrangement
Arkade Developers Limited (ADL) announced on March 25, 2026, the receipt of a certified copy of the order and scheme from the National Company Law Tribunal (NCLT) Bench in Mumbai regarding the Scheme of Arrangement between Filmistan Private Limited and Arkade Developers Limited. This follows the NCLT’s approval on March 16, 2026.The Scheme involves the demerger of Filmistan Private Limited (Demerged Company) into Arkade Developers Limited (Resulting Company) under Sections 230 to 232 of the Companies Act, 2013. The Appointed Date for the Scheme is August 1, 2025, and it will become effective upon filing of E-Form INC-28 with the Registrar of Companies in Mumbai. Both companies have filed the E-Form INC-28 on March 25, 2026.
Filmistan Private Limited, incorporated on April 29, 1943, has a registered office in Mumbai and is engaged in the manufacturing, production, distribution, and exhibition of cinematographic films and pictures, and rental business activities. Arkade Developers Limited, incorporated on May 13, 1986, is involved in the redevelopment of existing structures and new development projects, including real estate development. Its shares are listed on the BSE Limited and National Stock Exchange of India Limited.
The rationale for the scheme includes streamlining management and control related to leasehold rights, achieving administrative efficiencies, and positioning the Resulting Company for future opportunities. The Scheme does not affect the rights of the creditors of either company.
As part of an overall strategy, the demerger intends to transfer Filmistan Private Limited's rental business to Arkade Developers Limited. This transfer will occur on a going concern basis. According to the NCLT order dated March 16, 2026, the Scheme is conditional upon obtaining necessary approvals from relevant authorities and compliance with applicable regulations. The scheme includes provisions for accounting treatment, employee transition, and ongoing operations, aligning with the Companies Act, 2013, and applicable accounting standards.
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