NCLT Orders Meetings for Palco Metals and Palco Recycle Industries Scheme of Arrangement
The National Company Law Tribunal (NCLT), Ahmedabad Bench, has issued an order allowing the First Motion Application related to the proposed Scheme of Arrangement between Palco Metals Limited and Palco Recycle Industries Limited. The order directs the convening of various meetings necessary for advancing the scheme, which is intended to be executed under Sections 230 to 232 of the Companies Act, 2013.The ruling from the NCLT, dated June 16, 2026, greenlights the next stage of the process following both Palco Metals Limited (the Transferee Company) and Palco Recycle Industries Limited (the Transferor Company).
Key directives issued by the Hon'ble Tribunal regarding the Scheme of Arrangement include:
- Convening a meeting of the Equity Shareholders of the Transferee Company.
- Holding a meeting of the Secured Creditors of the Transferor Company.
- Scheduling meetings for the Unsecured Creditors of both the Transferor and the Transferee Companies.
The Tribunal mandated that all these respective meetings be conducted within 45 days of the Order. Furthermore, the Chairman of the Meeting must file a report with the Hon'ble Tribunal within 7 days following the conclusion of each meeting.
The scheme remains subject to obtaining necessary approvals from shareholders and creditors. The final implementation is contingent upon subsequent sanction by the NCLT and securing other required regulatory clearances.
Stock Price Movement
As of 15:10, Palco Metals Ltd shares stand at ₹139.10, trading down 1.21% in the market. The stock traded within a notable intraday range, moving between a low of ₹138.60 and a high of ₹146.95.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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