NCLT Sanctions Scheme of Merger: Maithan Alloys Absorbs Wholly Owned Subsidiary Impex Metal & Ferro Alloys Ltd
The National Company Law Tribunal (NCLT), Kolkata Bench, has sanctioned the Scheme of Amalgamation/Merger by Absorption between Impex Metal & Ferro Alloys Limited and Maithan Alloys Limited. The scheme involves the absorption of Impex Metal & Ferro Alloys Limited (the Transferor Company) into Maithan Alloys Limited (the Transferee Company).The merger was granted approval by the NCLT vide an order dated June 8, 2026, with the appointed date set as March 31, 2024. Since Impex Metal & Ferro Alloys Ltd is a wholly owned subsidiary of Maithan Alloys Limited, the scheme dictates that no shares will be allotted by the Transferee Company to members of the Transferor Company. Consequently, there will be no change in Promoter's holding in Maithan Alloys Limited following the amalgamation, as the entire shares of the Transferor Company are held by Maithan Alloys Limited and its nominees.
The merger aims to simplify the group structure and operations, offering benefits through resource pooling and cost consolidation.
Financial Position as on Appointed Date (March 31, 2024)
Details regarding the net worth of both companies, prior to the amalgamation, are provided below:Impex Metal & Ferro Alloys Limited (Transferor Company)
| SL No. | Financial Information (in INR) | As on 31.03.2024 |
|---|---|---|
| 1 | Subscribed and Paid-up equity capital | 1,00,00,000 |
| 2 | Retained Earnings | 62,74,00,080 |
| Net worth (1+2) | 63,74,00,080 |
Maithan Alloys Limited (Transferee Company)
| SL No. | Financial Information (in INR) | As on 31.03.2024 |
|---|---|---|
| 1 | Subscribed and Paid-up equity capital | 29,11,15,500 |
| 2 | Retained Earnings | 29,19,73,05,521 |
| 2A | Less: Other Comprehensive Income included in Retained Earnings | (71,89,209) |
| 2B | Less: Fair value gain on investments measured at fair value through profit or loss included in Retained Earnings | (1,74,03,97,477) |
| 3 | Securities Premium | 33,61,70,080 |
| Net worth (1+2-2A-2B+3) | 28,07,70,04,415 |
Stakeholder and Creditor Status
The combined entities maintain the following stakeholder structure regarding creditors:| Particulars | Equity Share Holders | Secured Creditors | Unsecured Creditors |
|---|---|---|---|
| Impex Metal & Ferro Alloys Ltd | 7 | NIL | 23 |
| Maithan Alloys Ltd | 36475 | 5 | 243 |
The Transferor Company has 23 unsecured creditors amounting to Rs. 3,22,47,450/- (Three Crores Twenty-Two Lakhs Forty- Seven Thousand Four Hundred Fifty Only). The Transferee Company has 243 unsecured creditors totaling Rs. 84,23,31,290.10/-(Eighty-Four Crores Twenty-Three Lakhs Thirty- One Thousand Two Hundred Ninety and Ten paise Only).
The NCLT confirmed that the scheme is fair and reasonable and not contrary to public policy, considering no objection has been received from any Authority or Creditors or Members up to the date of sanction.
MAITHANALL Stock Price Movement
Shares of Maithan Alloys Limited slipped today to settle at ₹949.8, having shed 1.78% or ₹17.20 in after-hours trading. The stock saw a volume of 51,420 shares traded during the session.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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