NCLT Approves Poonawalla Finance Demerger of Lending, Real Estate
MUMBAI: The National Company Law Tribunal (NCLT) has sanctioned a composite scheme of arrangement for Poonawalla Finance and its real estate divisions, facilitating a multi-step demerger intended to separate its lending and real estate operations. According to the tribunal’s Mumbai bench order, the restructuring aligns with Sections 230 to 232 of the Companies Act, empowering Poonawalla Finance to transfer specific business undertakings into two distinct entities: Rising Sun Holdings and Synergist Realtors. The NCLT deemed the scheme fair, reasonable, and compliant with the law, noting the absence of objections from shareholders, creditors, or regulators. Post-restructuring, Poonawalla Finance will operate as…