Kanakia Group seeks NLCT nod to demerge real estate arm
Mumbai-based Kanakia Group plans to demerge its real estate division from other businesses as part of a broader streamlining exercise it believes will help attract investors. Doing so would also provide more flexibility in accessing capital for each of the businesses, lawyers involved said. The group has approached the Mumbai bench of the National Company Law Tribunal (NCLT) to seek approval for the demerger of Kanakia Spaces Realty Pvt Ltd and Transparent Developers Pvt Ltd. This restructuring is aimed at segregating the group’s real estate activities from its other ventures. The companies, through their legal counsel, have told the NCLT…