NCLT Orders Entertainment City to Register Stake for Parmesh Construction
NEW DELHI: The National Company Law Tribunal (NCLT) has ordered Entertainment City to document a 4.26% equity transfer to Parmesh Construction Company, a Bhutani Infra Group entity, overruling objections from joint venture partner Unitech Holding concerning alleged violations of shareholder agreements. Parmesh Construction Company Ltd (PCCL) purchased a 3.70% stake from IIRF Holdings V Ltd and a 0.56% stake from Vistra ITCL (India) Ltd. Unitech Holding Ltd (UHL) opposed the sale, arguing it breached their Right of First Refusal (RoFR) and lacked the necessary 30-day notice under the relevant Articles of Association and Shareholders Agreement. The two-member NCLT bench ruled…